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Romneys have owed taxes in each of the years in question — which contradicts a charge Senate Majority Leader Harry Reid, Nevada Democrat, issued earlier this summer.
- 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 donated $4,020,772 to charity in 2011, amounting to nearly 30% of their income.
-The Romneys claimed a deduction for $2.25 million of those charitable contributions. The Romneys’ generous 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.
Harry Reid unavailable for comment.
Additionally, the Romney campaign is releasing a summary of 20 years of taxes, between 1990-2009, detailing their tax expenditures during those years:
In each year during the entire 20-year period, the Romneys owed both state and federal income taxes.
Over the entire 20-year period, the average annual effective federal tax rate was 20.20%.
Over the entire 20-year period, the lowest annual effective federal personal tax rate was 13.66%.
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 AGI.
The Democrats aren't asking for a SUMMARY of his taxes. They're asking him to release several years of tax returns, as many presidents have for years.
1.) "Well, he's not disclosing every line of every page of every tax return. That proves he's hiding something and a crook." PriceWaterhouse did a summary, no one on ATS would read the more than 2000 pages in Romney's returns.