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Romney Releases 2011 Tax Returns

Romney Releases 2011 Tax Returns

Republican Presidential candidate Mitt Romney Friday released the full details of his 2011 tax returns Friday.

Romney, who had earlier released his taxes for 2010 and an estimate of his 2011 returns, released the full returns along with a statement summarizing his tax accounting over the last 20 years.

The Republican presidential candidate has come under fire from many Democrats for refusing to release more than two years of tax data. Senate Majority Leader Harry Reid, D-Nev., even claimed that a source told him that Romney had paid no taxes during some of the previous 10 years.

In a statement posted to the Romney campaign Web site, Brad Malt, who oversees the blind trust that handles most of Romney's assets, said that the Romneys paid nearly $2 million in taxes on roughly $13.7 million in income - mostly in investments that are subject to a lower tax rate than other income.

"The Romneys' effective tax rate for 2011 was 14.1 [percent]," Malt wrote.

Malt also emphasized the significant charitable contributions made by the Romneys in 2011, noting that such donations could have qualified Romney and his wife Ann for even greater tax deductions than they actually claimed.

"The Romneys donated $4,020,772 to charity in 2011, amounting to nearly 30% of their income," Malt wrote. "The Romneys' generous charitable donations in 2011 would have significantly reduced their tax obligation for the year."

He added, "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 [percent] in income taxes in each of the last 10 years."

Malt said that a letter describing Romney's tax filings over the last 20 years from accounting firm PricewaterhouseCoopers, LLP, would also assert that Romney paid both state and federal income taxes every year, a rebuttal of Reid's claim.

"Over the entire 20-year period, the average annual effective federal tax rate was 20.20 [percent]," Malt wrote. "Over the entire 20-year period, the lowest annual effective federal personal tax rate was 13.66 [percent]."

He added, "Over the entire 20-year period, the Romneys gave to charity an average of 13.45 [percent] of their adjusted gross income."

The release is likely to prompt continued criticism from Democrats and the campaign of President Barack Obama, who will note that the effective tax rate paid by the Romneys is far lower than that paid by most Americans.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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