Campaign says Romney’s average effective tax rate was 20 percent over 2 decades
Romney is releasing his tax information today for 2011 along with a summary for the last 20 years that includes his average tax rate of just over 20%:
– Mitt Romney’s campaign, in its latest attempt to respond to calls to release more years of tax returns, announced Friday that the Republican candidate averaged a 20 percent effective tax rate for the years in question and never paid less than 13.66 percent.
But the campaign is sticking by the candidate’s vow not to release more than his last two tax returns, which critics have made into a potent campaign issue.
Romney plans to release his final tax return for 2011 on Friday. That document will show the Romneys paid $1.9 million in taxes on nearly $14 million in income, mostly from investments, giving them an effective tax rate of 14.1 percent, the campaign said in a blog post
Here’s
the lowdown from Mitt Romney’s website. Note the charitable giving for 2011:
Regarding the newly-filed 2011 Tax Return:
- 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.
- That is a massive amount of charitable giving. I even looked up his 2010 charitable giving and it was over 3 million higher at over 7 million. Dude is a charitable guy. If that doesn’t say something about the man, I don’t know what does.
Here’s the info on his 20 year summary:
Regarding the PWC letter covering the Romneys’ tax filings over 20 years, from 1990 – 2009:
- 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.
therightscoop.com/campaign-says-romneys-average-effective-tax-rate-was-20-percent-over-2-decades
The Romneys owed and paid state and federal income taxes every single year stretching back to at least 1990. Harry Reid’s
imaginary friend
is unavailable for comment. Their effective tax rate, on average, was over 20 pecent (nearly
double the average effective rate in America, according to the non-partisan Tax Foundation). Does this qualify as a “fair share”? In the last two decades, the Romney’s donated 13.45 percent of their adjusted gross income to charity. This
totally dwarfs the long-term giving of the Obamas and the Bidens, in case anyone in the class warfare camp is keeping score. But remember, Mitt Romney is callously dismissive and uncaring toward poor people and the ‘47 percent.’ Overall, the Romney family paid every cent they owed – and more – forking over nearly
40 percent of their income to either the government or charitable organizations, including their church. I’ve got to hand it to the Romney campaign: They played a long game here, and did so masterfully. One of the most obnoxious and relentless arrows in Democrats’ attack quiver has been the tax returns issue. See h
ow greedy and secretive Romney is? Even his own father released 12 years of returns! He’s probably a tax cheat! That’s all gone now, and the whiners look petty, small, and stupid. And Mitt Romney looks like the
remarkably generous, law-abiding, productive member of society that he is. Bravo.
townhall.com/tipsheet/guybenson/2012/09/21/democrats_media_get_punkd_romney_releases_tax_returns