Romney Releases 20 Years of Tax Return Information

Today, the Romney campaign announced that it will be releasing 20 years worth of tax return information for Governor Romney, Ann Romney, and the three blind trusts set up to manage their investments.

Click here to see a pdf of the Romney’s 2011 tax return.

In a letter from Romney’s trustee, the highlights of the taxes were spelled out quite clearly:

  • In 2011, the Romneys paid $1,935,708 in taxes on $13,696,951 in mostly investment income.
  • The Romneys’ effective tax rate for 2011 was 14.1%.
  • The Romneys donated $4,020,772 to charity in 2011, amounting to nearly 30% of their income.
  • The Romneys claimed a deduction for $2.25 million of those charitable contributions.
  • The Romneys’ generous charitable donations in 2011 would have significantly reduced their tax obligation for the year. 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% in income taxes in each of the last 10 years.
  • In each year during the entire 20-year period, the Romneys owed both state and federal income taxes.
  • Over the entire 20-year period, the average annual effective federal tax rate was 20.20%.
  • Over the entire 20-year period, the lowest annual effective federal personal tax rate was 13.66%.
  • Over the entire 20-year period, the Romneys gave to charity an average of 13.45% of their adjusted gross income.
  • Over the entire 20-year period, the total federal and state taxes owed plus the total charitable donations deducted represented 38.49% of total AGI.

So, in short, Governor Romney is indeed wealthy and has in fact paid taxes every single year, contrary to the lies that many on the left like to spread. He has also contributed an incredible amount of his wealth, both as a percentage and in real terms, to charity, which everyone knows is tax deductible.

Even with some of the best accountants in the western world, Governor Romney still paid more money in tax last year than a city blocks worth of taxpayers.

Later today the PDFs themselves should be posted, once that happens we will update this post so you can view them. Because who wouldn’t want to spend a Friday night reading someone’s tax return?

Hopefully now that the information is out there for everyone, Democrats and the media (which are essentially the same thing) can move past this non-issue.

 

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