Mitt Romney paid $1,935,708 in taxes on $13,696,951 in income in 2011 for an effective tax rate of 14.1 percent, according to a return posted online Friday afternoon. For more details on the returns, go here.
Romney also plans to post a letter from his tax preparer, PricewaterhouseCoopers, LLP, giving a summary of tax rates from the Romneys’ tax returns for the 20-year period of 1990-2009.
The details from the return were announced in a blog post on the Republican candidate's campaign Web site, written by Brad Malt, the trustee of Mitt and Ann Romney's blind trust.
The Romneys filed their 2011 return Friday morning. According to Malt, the returns will also show that the Romneys donated $4,020,772 to charity in 2011. The Romneys limited the deduction they took for those charitable contributions, Malt said, in order to conform to Mitt Romney's statement to reporters earlier this year that he has paid an income tax rate of at least 13 percent for the past decade.
"He has been clear that no American need pay more than he or she owes under the law," Romney aide Michele Davis said in a statement. "At the same time, he was in the unique position of having made a commitment to the public that his tax rate would be above 13 percent. In order to be consistent with that statement, the Romneys limited their deduction of charitable contributions."
Over the past 20 years, Malt writes, the Romneys' average annual effective federal tax rate was 20.2 percent. Over the entire 20 year period, their lowest annual effective federal personal tax rate was 13.66 percent.
Romney has been under pressure from Democrats to release his past returns for months. When his father, George Romney ran for president, he released 12 years of tax returns, something critics have noted often. Senate Majority Leader Harry Reid (D-Nev.) even accused the Republican candidate of paying no taxes for years. Romney has argued that his financial business is personal.
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