Mitt Romney Releases More Personal Tax Information

Mitt Romney to release 2011 tax returnMore information is coming out about Mitt Romney's finances: The Republican candidate for president released his 2011 tax return Friday afternoon.

According to Reuters, the Romney campaign says the candidate and his wife paid $1.936 million in taxes in 2011 on $13.697 million in income, for an effective tax rate of 14.1 percent.

"That's slightly above the 13.9 percent rate the couple paid in 2010," the Associated Press notes. That year, Romney paid about $3 million in federal income taxes. But the amount Romney paid in 2011 was significantly less than the estimate made by his campaign in January: approximately $3.2 million.

Most of Romney's income came from investments; his effective tax rate was relatively low because capital gains are taxed less heavily than ordinary income. By comparison, President Barack Obama paid an effective tax rate of 20.5 percent in 2011.

Although the former Massachusetts governor continues to refuse to release multiple years of tax returns, The New York Times reports that 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."

Over that 20 year period, Romney paid an average annual effective federal tax rate of 20.2 percent, the campaign said. The lowest annual effective federal personal tax rate paid by Romney during those 20 years was 13.66 percent -- a revelation presumably intended to counter speculation that Romney might have at some point paid a rate close to zero.

The campaign also said that the Romneys gave a little over $4 million to charity in 2011, but claimed a deduction of only $2.25 million of those contributions. As a memo from Brad Malt, trustee of the couple's blind trust, explains:

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 Wall Street Journal has the full text of Malt's memo.

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Edgy01

Harry Reid needs to censured for wasting everyone's time in the senate by claiming that Romney paid no taxes for years according to his "source." Are Americans so stupid as to imagine that the IRS wouldn't be on top of this stuff if it were really true?

What did Joe Biden contribute to charity last year? $30,000? They love to "donate" our money to their causes, but won't part with a buck of their own.

Anyone who can legitimately be responsible for making capitalism work in this bureaucratic country today should be challenged with the presidency. And anyone voting for ANY incumbent over and over again needs to be committed. Both today's Demos and Repubs have 'managed' to spend way beyond this nation's means for decades. It's about time we stopped kidding ourselves about deficit spending. Sure, it's really hard to straighten that out but we need to start soon. West Germany suffered for many years when they assimilated the Eastern region back into Germany in 1989, acquiring a collection of socialized misfits. But, now, over twenty years later, they're the only viable economy in the EU. We need to take a lesson from them.

September 25 2012 at 1:36 PM Report abuse +1 rate up rate down Reply
thedukeoforange2

ilm9p
free Section 8 housing, free utilities, free phones, free Cable TV, free healthcare, free food, free everything.
===================================================================================
Wow,.....you sure know alot about free stuff.

September 25 2012 at 10:57 AM Report abuse +1 rate up rate down Reply
2 replies to thedukeoforange2's comment
democracks0

And so do you.

September 25 2012 at 2:38 PM Report abuse rate up rate down Reply
democracks0

How many welfare checks do you get now?

September 25 2012 at 2:38 PM Report abuse rate up rate down Reply
ilm9p

Yes, Romney is rich and he makes some good coin. No doubt about it. That’s why we should criminalize wealth in this Country. Make it illegal to be this wealthy in the USA. And then once we do that we take all the money and redistribute it to all the scum in this Country who make a career of being on welfare. It’s not enough we already give them free Section 8 housing, free utilities, free phones, free Cable TV, free healthcare, free food, free everything. They need even more! They should be able to live just like people that work for a living. Free houses in nice neighborhoods! And since by nature they’re slovenly, we should arrange for them to have maids. And because they’re destructive, we should arrange for free maintenance too. They’ll still destroy the place in under three years, but then we can tear it down and start over. This will provide jobs for homebuilders. This is how it should work, a civilized society should work to provide not for themselves but for all the dirty animals that produce nothing of value to society. We all need to work harder to support this filth, they have no intention of working so we must do it for them. They need us!

September 25 2012 at 9:23 AM Report abuse +3 rate up rate down Reply
1 reply to ilm9p's comment
s.kohanski

Makes you wonder why this is allowed to continue, doesn't it?

September 25 2012 at 9:49 AM Report abuse rate up rate down Reply
pluushkaat

Why all the hoopla about Willards recent returns? In 06 he probably knew he was gonna run in 08 and his returns were probably tweaked to show a favorable tax burden....What everyone should be interested in is his returns from say 99 thru perhaps 06 prior to his decision to run....Those returns may be a cause for concern for everyone...

September 25 2012 at 3:01 AM Report abuse rate up rate down Reply
pluushkaat

Why all the hoopla about Willards recent tax returns? In 06 he probably knew he was gonna run in 08 and his returns were probably tweaked to show a favorable tax burden......What we should want to see is his returns from perhaps 99 thru 05,,,or perhaps even earlier.....

September 25 2012 at 2:57 AM Report abuse rate up rate down Reply
democracks0

What a boring life the Obamite leads. Creating new dumb screen names everyday. Copying and pasting the same inane posts over and over again. Using all his different screen names to vote other peoples comments down multiple times and all his up. I guess it get's a thrill running up his leg. LOL

What a simple minded dopey crayon eating Obamite.

Oh and btw

Obamas a fiasco

September 24 2012 at 7:13 PM Report abuse -1 rate up rate down Reply
1 reply to democracks0's comment
s.kohanski

That's funny, crayon eating Obamite. That sums it up all day long as they can't advance out their day care mentality.

September 24 2012 at 11:44 PM Report abuse -1 rate up rate down Reply
democracks0

Obamites just won't admit that the biggest obstructionist has been over the hill Harry Reid. He even blocked Obamas job bill. What a blockhead.

Harry and the democrook party of know nothing and do nothing have got to go.

September 24 2012 at 6:06 PM Report abuse -1 rate up rate down Reply
democracks0

mrblockhead22 = a great screen name for Harry Reid

September 24 2012 at 5:57 PM Report abuse rate up rate down Reply
1 reply to democracks0's comment
democracks0

Harry Reid is such an obstructionist.

September 24 2012 at 5:59 PM Report abuse -2 rate up rate down Reply
1 reply to democracks0's comment
thedukeoforange2

The republicans hold the record for being obstructionist. They've used the filibuster against Obama record number of times. This why the GOP has well earned the title THE PARTY OF NO.

September 24 2012 at 8:39 PM Report abuse rate up rate down
Tolerant Voice

This fixation on taxes obfuscates the real problem of the Economy. I will vote for the candidate who proposes to require products SOLD in the US be made with the same laws that apply to MADE in the US. So far neither candidate has put forth any concrete proposal to end US unemployment. All are in the pockets of the Multinationals.

September 24 2012 at 3:42 PM Report abuse rate up rate down Reply
1 reply to Tolerant Voice's comment
s.kohanski

Not to worry, when Obama allows the muslim brotherhood to run wild as he panders to them, it will be the final nail in America's coffin. The sympathizer in chief, turns a blind eye. How sad for our once great nation.

September 24 2012 at 5:00 PM Report abuse rate up rate down Reply
1 reply to s.kohanski's comment
thedukeoforange2

Why would our Home Land Security, FBI , CIA allow anyone to elected a muslim president?

September 24 2012 at 8:36 PM Report abuse +2 rate up rate down
kafienkarl

GOOGLE the top ten non (TAX) filing states in the U.S. the color RED comes to mind. Texas, Alabama, Arkansas, South Carolina, Georgia, Florida, Idaho, New Mexico, Louisianna and Mississippi. Romney must have been talking about people in these states also. You know "victims" and "entitled". Right Republicans have nothing to do with our economic problems. pathetic

September 24 2012 at 12:08 PM Report abuse +2 rate up rate down Reply