Revealed: Mitt Romney’s tax returns

Mitt Romney’s campaign released his 2011 tax information this afternoon, as well as a notarized letter from PriceWaterhouseCoopers attesting to Romney’s tax rates from 1990-2009. [Revealed: Mitt Romney’s tax returns « Hot Air http://bit.ly/ONcGlQ ]


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. …


Regarding the PWC letter covering the Romneys’ tax filings over 20 years, from 1990 – 2009:

-In each year during the entire 20-year period, the Romneys owed both state and federal income taxes.

-Over the entire 20-year period, the average annual effective federal tax rate was 20.20%.

-Over the entire 20-year period, the lowest annual effective federal personal tax rate was 13.66%.

-Over the entire 20-year period, the Romneys gave to charity an average of 13.45% of their adjusted gross income. (*)

-Over the entire 20-year period, the total federal and state taxes owed plus the total charitable donations deducted represented 38.49% of total AGI.

During the 20-year period covered by the PWC letter, Gov. and Mrs. Romney paid 100 percent of the taxes that they owed.


(*) - This is DOUBLE the Obama's rate of charitable giving - http://bit.ly/Unmd5t