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Romney's 2011 Tax Return Shows He Paid At 14.1 Percent Rate, Campaign Says

Friday, September 21, 2012

Mitt Romney and his wife Ann paid $1,935,708 in federal taxes last year on income of $13,696,951, an effective tax rate for the couple of 14.1 percent, the Republican presidential nominee's campaign just reported.

That's in line with statements the candidate made earlier this year that he paid at least 13 percent in each of the past 10 years.

The couple's returns were posted online at 3 p.m. ET.

With the 2011 return, the campaign says, will be "a notarized letter from the Romneys' tax preparer, PricewaterhouseCoopers, LLP (PWC), giving a summary of tax rates from the Romneys' tax returns for the 20-year period of 1990-2009." That, says the campaign, will state that the Romneys' "average annual effective federal tax was 20.20 percent" over those 20 years.

Romney previously released his 2010 returns, but has declined to go back further. The Senate's top Democrat, Harry Reid of Nevada, famously said this summer that he's been told by an unnamed source that Romney paid no income taxes over the past decade and should release returns from more years. Romney rejected that charge, and PricewaterhouseCoopers' statement is a response to it.

But as It's All Politics has previously noted:

"Since 1980 (when Republican Ronald Reagan released just one year of returns) only one party nominee or presumptive nominee other than Romney has released fewer than six years of returns, according to PolitiFact. That was Republican John McCain, who released two years of returns in 2008."

So expect to hear more from Democrats about why they think Romney should give more information.

Update at 2:40 p.m. ET. Medical Information Will Be Posted Too:

The campaign says that "in addition to new documents related to tax filings, the campaign will also be posting on the same website physician letters for both Gov. Romney and Rep. Ryan, making public their current state of health."

Copyright 2012 National Public Radio. To see more, visit http://www.npr.org/.

Source: NPR

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Comments [2]

mobias from portland, oregon

HEAR HEAR! Well said.
I just wonder when a majority of our citizens will stop being complacent, abused sheep and start taking back this government!!

cheers

http://mobias.blogspot.com

Sep. 25 2012 03:51 AM
RUCB_Alum from Central New Jersey

So Romney's tax bite percentage is about the same as a $36,500 single taxpayer ($73K for married filers using the applet on moneychimp.com)

EXCEPT

those $36.5K and $73K taxpayers are also paying 13.25% to FICA - 5.65% out of pocket and 7.65% by their employers.

Mr. Romney's taxes are amazingly low compared to what they would have been if he had earned this money rather than having his money earn the money. I do not buy the 'profits were already taxed once' argument since we have plenty of instances where tax consequences occur at each transaction - think gas taxes, sales taxes, etc. - and I do not believe that capital used to build the production capacity of a foreign nation should get a capital gains rate advantage. Guess I'm old fashioned that way.

We need to reduce the FICA taxes but spread it across more earners.
We need to eliminate capital gains exclusions for non-domestic investments.
We need to treat dividend and interest from savings equally.
We need to cut government expenditures.

When can Congress stop jawing about it and get to work?

Sep. 23 2012 01:04 PM

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