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Romney releases tax returns, pays more than required

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Republican presidential nominee Mitt Romney and his running mate, Paul Ryan, released their tax returns Friday. (Source: MittRomney.com) Republican presidential nominee Mitt Romney and his running mate, Paul Ryan, released their tax returns Friday. (Source: MittRomney.com)
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(RNN) – Republican presidential candidate Mitt Romney released his 2011 tax returns Friday, showing he paid a rate of 14.1 percent on his $13.7 million in income. 

Romney and his wife, Ann, paid $1,935,708 in taxes for the year on the money they made, mostly through investments. Both his income and tax payment were significantly smaller than the 2011 tax estimates he made public in January, which showed $3.2 million owed on $20.9 million.

The returns show that the Romneys gave $4,020,772 to charity in 2011, which is roughly 30 percent of his income, but only claimed a deduction for $2.25 million on those contributions. Trustee Brad Malt explained on the campaign website that donations could have reduced their tax burden more.

"The Romneys thus limited their deduction of charitable contributions to conform to the governor's statement in August, based upon the January estimate of income, that he paid at least 13 percent in income taxes in each of the last 10 years," Malt stated.

The GOP nominee has repeatedly said he never paid less than a 13 percent effective tax rate for the past 10 years. For proof, he posted a letter from PriceWaterhouseCoopers LLP, which stated the lowest "effective federal personal income tax rate" Romney has paid since 1990 was 13.66 percent.

Furthermore, the campaign preempted any criticism of the 2011 return with a statement from the former IRS commissioner, Fred Goldberg. He said his reaction was the same as when he reviewed the 2010 forms, that there was "no indication or suggestion of any tax-motivated or aggressive tax planning activities."

"In my judgment, they have fully satisfied their responsibilities as taxpayers," Goldberg said.

Romney made public a physician's letter on his health as well. His most recent examination found him to be a "healthy appearing, energetic, strong, physically fit male."

He also said he would release summaries for the state and federal income taxes from 1990 to 2009. In January, Romney released his completed his 2010 tax returns, along with his estimates for 2011.

Critics, as well as President Barack Obama, have been calling for Romney to follow his father's example and release more than two years of returns. George Romney released 12 years of tax returns when he ran for president in 1968.

Mitt Romney had claimed during a primary debate in January that he would never pay "a dollar more" than legally required in taxes.

"I don't think you want someone as the candidate for president who pays more taxes than he owes," he said.

Rep. Paul Ryan, the vice presidential candidate, released his 2011 tax return earlier this summer, paying $65,000 on $323,416 in income. Ryan's effective tax rate was 15 percent.

Copyright 2012 Raycom News Network. All rights reserved.

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