Romney to Release 2011 Tax Return
In advance of the posting of these new documents, I wanted to provide some top-line details.
Regarding the newly-filed 2011 Tax Return:
In 2011, the Romneys paid $1,935,708 in taxes on $13,696,951 in mostly investment income.
The Romneys’ effective tax rate for 2011 was 14.1%.
The Romneys donated $4,020,772 to charity in 2011, amounting to nearly 30% of their income.
The Romneys claimed a deduction for $2.25 million of those charitable contributions.
The Romneys’ generous charitable donations in 2011 would have significantly reduced their tax obligation for the year. The Romneys thus limited their deduction of charitable contributions to conform to the Governor's statement in August, based upon the January estimate of income, that he paid at least 13% in income taxes in each of the last 10 years.
The return will reportedly appear here.
"The Republican presidential nominee, who released his 2010 tax returns in January, continues to refuse demands from President Obama’s campaign and other Democrats to release multiple years of his returns...But Mr. Romney’s lawyer said on the campaign’s Web site that the candidate would release a letter later Friday from his tax advisers providing a summary of his tax liability for a 20-year period from 1990 to 2009. The campaign said the summary would show that Mr. Romney paid taxes every year during that period, that the lowest annual federal tax rate was 13.66 percent and that the Romneys gave an average of 13.45 percent of their income to charity during the period."