Mitt Romney has released his full 2011 income tax return. His effective tax rate of 14.1 percent on $13.6 million in income reflects that most of his income derives from investments, with their lower tax rate, than wages.
Republican presidential candidate Mitt Romney has released his full 2011 federal income tax returns, fulfilling a commitment he made earlier this year.
Brad Walt, the trustee of the Romneys blind trust, said the Romneys paid $1,935,708 in 2011 taxes on $13,696,951 in income. He said the Romneys effective tax rate for 2011 was 14.1%.
Also in the release, Walt said that during the 20-year period between 1990-2009, the Romneys paid an average federal tax rate of 20.2%.
In January, Romney released a summary of his 2011 taxes. In it, he and his wife, Ann, originally said they filed a joint 1040 reporting a joint income of $21 million and a tax bill of $3.2 million.
Oops. All Romney things are complicated. Turns out he overpaid (by not taking all deductions he could have claimed) so as to appear to have a higher rate. Cynics, well justified by experience, figure Romnney will amend the returns to capture the additional money in the future, when someone isn’t looking, or it isn’t so hot a topic.
And speaking of the lucky ducks in the upper income brackets:
2nd District Democratic candidate Herb Rule says Republican U.S. Rep. Tim Griffin, Romney’s campaign chair in Arkansas, has some explaining about where he stands on Romney’s leaked speech on the 47 percent moochers. “Derogatory” and “arrogant” is how Rule characterized the Romney speech. Rule blasted Griffin for suggesting that people who don’t pay an income tax don’t have skin in the game, for supporting a flat tax (same rate for rich and poor) and “scolding” people who “weren’t born to rich parents like Tim Griffin’s candidate was.”
More on jump.