Mitt Romney Releases 2011 Tax Return
In a half-hearted effort to respond to calls to release additional years of tax returns, Mitt Romney's campaign announced on Friday that it would release his 2011 tax return. According to the documents, the Republican candidate averaged a 20 percent effective tax rate for the years in question and never paid less than 13.66 percent.
The Romney campaign, however, is sticking by his vow not to release more than his last two tax returns. Critics have made Romney's failure to issue tax returns for the past decade a significant campaign issue.
The 2011 tax return shows that the Romneys paid $1.9 million in taxes on nearly $14 million in income, giving them an effective tax rate of 14.1 percent. In 2011, the Romneys also donated $4 million to charity, or about 30 percent of their income.
Romney had previously released his 2010 tax return, but nothing else until today. His campaign confirmed Friday that "in each year" from 1990 to 2009, "the Romneys owed both state and federal income taxes", with the federal effective rate averaging 20.2 percent. Annual charity giving averaged 13.5 percent during that same period, said the campaign.