Romney paid 14% effective tax rate in 2011
Mitt Romney made $13.7 million last year and paid $1.94 million in federal income taxes, giving him an effective tax rate of 14.1%, his campaign said Friday.
His effective tax rate was up slightly from the 13.9% rate he paid in 2010.
The majority of the candidate’s income last year came from his investments, said Brad Malt, the trustee of Romney’s blind trust, in a blog post. Full documents related to Romney’s 2011 tax return will be released at 3 p.m ET.
The couple gave just over $4 million to charity.
In addition, the Romney campaign said Romney’s tax filings from 1990 to 2009 show that the couple paid 100% of the federal and state income taxes they owed and that their overall average annual effective federal tax rate was 20.2%. Annually they never paid an effective rate below 13.66%.