Finally! Romney Releases Taxes – Paid 14.1% in 2011
By Grace Hwang Lynch on September 21, 2012
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Could this week in politics get any weirder? After a week of scrutiny over his comments about the 47% of Americans who don’t pay taxes, GOP Presidential candidate Mitt Romney has released his own tax returns – for 2010 and 2011. Scanned copies of the Romney’s two most recent tax forms were uploaded to the campaign website on Friday afternoon. As speculated, the tax returns prepared by Price Waterhouse Cooper show that Mitt and Ann Romney paid 14.1% to Uncle Sam last year.
The tax forms also show that that the Romney, the wealthiest GOP nominee in decades, earned nearly $14 million in 2011 alone.
A statement from Trustee Brad Malt on the Romney Campaign website also says that the Romneys donated 30% of their income last year to charities (which are generally tax-exempt):
Second, the Romneys take to heart "to whom much is given, of him shall much be required." Accordingly, they have been generous in their charitable giving, donating over $7 million between 2010-2011 –- donating more to charity than they paid in federal income taxes.
The Obama campaign put out its own response to the news of the GOP candidate's taxes. Deputy Campaign Manager Stephanie Cutter says:
“Today’s release of Mitt Romney’s 2011 tax returns confirms what we already knew – that people like Mitt Romney pay a lower tax rate than many middle class families because of a set of complex loopholes and tax shelters only available to those at the top. Yet, Mitt Romney still wants to give multi-millionaires an additional $250,000 tax cut at the expense of middle class taxpayers who will see their taxes go up."
So ... does the disclosure of Mitt Romney’s taxes answer questions or open up more? We can expect more questions about how the taxes were prepared, as well as inquiries into Romney’s charitable deductions, overseas investments, and his ties to Bain Capital.
You can see the Romneys' tax forms, as well as a letter from their accounting firm Price Waterhouse Cooper for yourself at the Romney campaign website.
Also released were Paul and Janna Ryan’s 2010 and 2011 tax returns, showing that the Republican vice presidential candidate had a comparatively modest total income of $323,416, and what appears to be a 20% tax rate.
What do you think about the Romneys' tax announcement? Did you pay a higher percent in federal income tax last year than the Romneys?
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