Mitt Romney paid an effective tax rate of about 14 percent last year, his campaign said Friday while also announcing that the Republican presidential nominee had paid an average annual effective tax rate of about 20.2 percent between 1990 and 2009.
Romney made good on his pledge to release his tax returns from 2011 before the election, and went a step further than was previously anticipated in releasing a certified summary of his tax returns over a two-decade period preceding 2010.
The Republican’s campaign said Romney paid more than $1.9 million in taxes on income of about $13.7 million. That amounts to a 14.1 percent effective tax rate; the tax level is lower because most of the Romneys’ income comes from investment, which is taxed at a lower rate than employment income.
Mitt and Ann Romney also donated about $4 million — about 30 percent of their income — to charity in 2011, though they only claimed a deduction of about $2.25 million from those donations, according to the campaign.
That means the Romneys voluntarily paid a higher tax rate than they were legally required, which the campaign said they did in order to stay consistent with Romney’s pledge to never play less than a 13 percent tax rate.
Read more at NBC News.