4:34 pm Sep. 21, 20123
Mitt Romney released his 2011 tax returns this Friday afternoon, the second of two years' worth that he had previously pledged to release.
On the returns, the Romneys listed a total income of $13,709,608 from their investments, on which they paid just under $2 million in taxes for the year.
Romney's effective federal tax rate was 14.1 percent, due to the preferential tax status accorded to income from capital gains over ordinary income. (Ordinary income tax would have been taxed at a top rate of 35 percent.)
Romney donated more than $4 million to charity in 2011, but claimed just $2.25 million in charitable contributions, which "inflated" his tax rate to 14 percent. Romney had previously stated that he paid at least 13 percent in federal taxes in prior years, amid questions about the years for which he has not released returns.
Romney also released a notarized letter from Price Waterhouse Cooper that summarized his taxes for the previous 20 years, saying he paid taxes in all those years, and averaged a 20 percent tax rate, with 13.66 percent being the lowest he paid in that period.
The release, posted on Romney's website, seems at least to disprove the unfounded accusations from Democratic Senate majority leader Harry Reid that Romney hasn't paid taxes for years.
But the returns do point up, once again, the candidate's personal wealth. Democrats made Romney's taxes a focus of the campaign throughout the summer months, highlighting his investments in foreign tax havens, and questioning why he was unwilling to release more returns.
A spokesman for Romney noted on Twitter that more than 105 people in the Chicago area were viewing Romney's website after the returns were posted.
Romney’s tax rate is still LESS THAN HALF of the AVERAGE Middle Class American! This is the epitome of GREED. There's no doubt a Romney administration would favor the rich and increase the income gap in our country? Mitt is a pariah in Mormon Clothing and will stop at nothing to expand an empire of greed for the rich in this country by expanding tax cuts for the 1% of the wealthiest Americans. He’s out to gut the Middle Class for every red cent he can get. Will his sacred Mormon underwear grant him the protection and money to buy this election? See for yourself as Mitt dons his tighty-whities sent down from the Good Lord Himself at http://dregstudiosart.blogspot.com/2012/05/mitt-romneys-magic-mormon-und...
Release the tax returns that we *really* want to see, 2005-2009, Mr. Romney.
If you are looking for a way to reboot your campaign, this would be it.
Show everyone that, indeed, there is nothing to hide.
Now THAT would really change the momentum of the campaign to your advantage.
This is the single issue for which you have never once flip-flopped. Why? It makes voters wonder.
Mr. Romney, you are running for President of the United States.
This is a position of Trust.
Ronald Reagan said, "Trust but Verify."
Mr. Romney has said, "Trust me," re his tax returns.
It is not unreasonable for voters to want to "Verify.
The longer you delay, Mr. Romney, the more suspicious it appears.
Obama released 8 years of tax returns
GW Bush 10 years
Clinton 12 years
GHW Bush 14 years
George Romney 12 years.
What is the problem, Mr. Romney? Release your tax returns.
Romney’s tax rate is still LESS THAN HALF of the AVERAGE Middle Class American!
False. Romney's effective rate over the last 20 yeas is double the average tax rate for all Americans. His effective rate is low because all his income this last year was earned on investment income, which is taxed at the 15% capital gains rate. His capital gains are taxed at the exact same rate as every other middle class American.