The Romney campaign is releasing Mitt and Ann Romney's 2011 tax return today.
The Romneys donated $4,020,772 to charity in 2011, amounting to nearly 30% of their income.
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’ 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.
IN ENGLISH: THE ROMNEYS DIDN'T CLAIM ALL THE TAX DEDUCTIONS THEY COULD HAVE. OUT OF THE $4-MILLION-PLUS THEY GAVE TO CHARITY THEY ONLY "DEDUCTED" $2.25 MILLION.
Over the entire 20-year period 1990-2009 the Romneys' lowest annual effective federal personal tax rate was 13.66%.
Over the entire 20-year period, the average annual effective federal tax rate was 20.20%.
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 Adjusted Gross Income.