Mitt Romney Offers More Information About His Tax Returns
Earlier today, Mitt Romney released his tax return for 2011, as well as limited details about his returns from 1990-2009.
Mitt Romney has come under fire for not releasing his tax returns that were filed prior to him announcing that he would be running for President. Democrats have seized on this, arguing that Romney must be hiding something in his 1990-2009 returns. Harry Reid has been going after Romney particularly hard, claiming that Romney didn't pay any income taxes for 10 years.
Romney and his team looked to diffuse some of the controversy on Friday, posting Romney's 2011 tax return on MittRomney.com, along with general details of his 1990-2009 returns.
Mitt Romney had an adjusted gross income of $13,696,951 in 2011. Romney reported over $3 million in taxable interest, $3.65 million in ordinary dividends and over $6.8 million in capital gains.
Romney had nearly $4.7 million in itemized deductions, which lowered his taxable income to just over $9 million. Mitt and Ann Romney donated over $4 million to charities in 2011, but only took a deduction of about $2.25 million.
Mitt Romney's total tax owing for 2011 was $1,935,708. Mitt made total payments of $3,434,448, meaning that he overpaid by nearly $1.5 million.
$1,935,708 in taxes on $13,696,951 in adjusted gross income means that Romney had an effective federal income tax rate of approximately 14.1% in 2011.
Romney also posted a letter from PricewaterhouseCoopers LLP on his web site on Friday.
PricewaterhouseCoopers LLP, who prepared Romney's annual federal and state income tax returns from 1990-2009, stated that the lowest effective personal income tax rate that Mitt Romney paid during that time was 13.66%.
PricewaterhouseCoopers LLP also said that:
-Romney's average effective federal personal income tax rate from 1990-2009 was 20.2%
-Romney's average state personal income tax rate from 1990-2009 was 8.36%
-total federal income tax owed, total state income taxes reported and total donation deducted amounted to 38.49% of Romney's total adjusted gross income from 1990-2009
Mitt Romney and his campaign are hoping that these disclosures will close the issue of his tax returns, while Democrats are continuing to call for Romney to disclose his returns from before 2010.
Filed under: General Knowledge