It will be interesting to see how much he donated to charity (he’s always been very generous), which lowers the amount paid and the effective tax rate.
WASHINGTON (AP) — Mitt Romney is releasing his 2011 tax returns.
Romney aides on Friday said the Republican presidential nominee would give the public a look at his finished tax forms. Ahead of their release, expected at 3 p.m., aides said Romney earned almost $13.7 million last year and paid more than $1.9 million in taxes — an effective tax rate of 14.1 percent.
Romney’s campaign earlier estimated that Romney would pay about $3.2 million in taxes.
Romney paid about $3 million in federal income taxes in 2010 — or 13.9 percent.
Update: To compare, Biden gave an average of $369 to charity over a 10 year period.
From the 2011 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.
–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.