Romney Releases 2011 Tax Returns

According to information from Romney’s 2011 tax return his campaign released, the Republican presidential nominee paid an effective tax rate of just under 14% last year. Along with the information regarding this last year’s return, the campaign also reported an average tax rate for the past two decades, beginning in 1990. The average rate was calculated to be around 20%.

The release of his returns before the election was a promise Romney made to voters. The certified summer was apparently a step beyond that promise, making voters aware of a tax rate the never fell below 13% in the last twenty years.

Romney’s campaign indicated that the nominee paid more than $1.9 million in taxes on the $13.7 million dollars in income that was acquired mostly from investments. As tax professionals are aware, investments are taxed at a lower rate that income derived from employment.

The returns also gave a glimpse into the Romney’s charitable donations. According to the tax information released, the Mitt and Ann Romney donated about $4 million dollars in the year 2011. This amounts to about 30% of their income. The Romney’s chose not to use the entire amount to claim a deduction, citing Romney’s promise to voters that he would not fall below a tax rate of 13%. The professionals who prepared the candidate’s tax returns were reminded of this as they prepared the documents.

His spokeswoman, Michele Davis, commented that this is a reflection of Romney’s desire that Americans “need pay more than he or she owes under the law.”

 

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