Romney's tax returns
September 21, 2012 (WABC) -- He said he wouldn't. Now he has. Mitt Romney tonight releasing a summary of 20 years worth of tax returns - he said he'd do only 2 - and he released his 2011 return. Nearly $14 million in income, most of it from investments. And he paid nearly $1.9 million in federal income taxes - an effective tax rate of 14%.
The rate is slightly higher than the 13.9% the Romneys paid the year before. He would have paid more in taxes - had he not tithed about $4 million. In prior years, most of his charitable contributions went to the Mormon Church. Interestingly, his rate would have been lower had he claimed the entire $4 million in charity payments.
And if this had not been investment income - just regular income - the tax rate would have been much higher. That's part of the current debate, of course - whether to let capital gains and other investment income tax rates of 15% expire and be taxed at ordinary income tax rates.
Is that more fair?
We'll have the latest at 11.
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