Mitt Romney released his 2011 tax return this afternoon, which revealed that the Republican presidential candidate paid taxes of $1,935,708 on $13.7 million in income, mostly from investments, giving him an effective tax rate of 14.1 percent.
The results were slightly below an estimate that Romney released in January.
The return was accompanied by a letter from Big Four firm PricewaterhouseCoopers, which has prepared Romney’s tax returns since 1990, stating that it had reviewed all of those returns and found that Romney owed both state and federal tax in every year; that the lowest “effective federal personal income tax rate” on any of the returns was 13.66 percent; and that the average was 20.2 percent.
Also included was a statement from former IRS Commissioner Fred Goldberg, stating that he had reviewed the 2011 return and found “no indication or suggestion of any tax-motivated or aggressive tax planning activities. In my judgment, they have fully satisfied their responsibilities as taxpayers.”
His campaign has also pointed out that Romney has released nine “financial disclosures” since 2002, including three federal Public Financial Disclosures (from 2007, 2011, and 2012), and six Massachusetts Statements of Financial Interests (from 2002, 2003, 2004, 2005, 2006, and 2007).
The 2011 return and other information is available on Romney’s campaign Web site.
The campaign also noted that between 2010 and 2011, Romney had donated more to charity than he paid in income taxes — over $7 million.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access