After months of pressure from the opposition, former opponents in Republican primaries and other members of his own party, Mitt Romney the Republican presidential nominee made his 2011 tax return public on Friday. He also made limited information available from returns for previous years. He asserted that he has paid double-digit tax rates for federal income tax for over the last 20 years.
The 2011 tax return for Romney showed a payment rate for federal income tax of 14%. That amounted to just over $1.9 million on adjusted income of nearly $13.7 million. A letter attached to the return from his accountants also indicated that his effective tax rate between 1990 and 2009 was never less than 13.66%. The letter however, did not have the amounts of tax he paid for each year. In his 2010 return, Romney paid a 13.9% rate. That returned was released by the former Governor of Massachusetts back in January.
The tax return for Romney for 2011 showed how sensitive his wealth and taxes are politically. In some reverse financial engineering, he and Ann, his wife, gave up over $1.75 million in deductions for charitable donations, which boosted his tax payment substantially. If he had claimed the deductions, he was entitled by tax law to have for 2011 his payment rate might have fallen near the 10% mark, which would have contradicted his assurances from the past that he has never paid a rate of less than 13%.
Romney on a number of occasions has pledged to disclose his tax return for 2011prior to the November 6 election. His election campaign said Romney filed the tax return with the Internal Revenue Service on Friday.