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.
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Romney’s tax rate is still LESS THAN HALF of the AVERAGE Middle Class American! This is the epitome of GREED. There’s no doubt a Romney administration would favor the rich and increase the income gap in our country? Mitt is a pariah in Mormon Clothing and will stop at nothing to expand an empire of greed for the rich in this country by expanding tax cuts for the 1% of the wealthiest Americans. He’s out to gut the Middle Class for every red cent he can get. Will his sacred Mormon underwear grant him the protection and money to buy this election? See for yourself as Mitt dons his tighty-whities sent down from the Good Lord Himself at http://dregstudiosart.blogspot.com/2012/05/mitt-romneys-magic-mormon-underwear.html
Brandt, from your contrived outrage, should we assume you support a flat tax? I will discount your religious bigotry as a result of your upbringing or ignorance.