Mitt Romney is releasing his 2011 tax returns today, according to multiple sources, including a statement on his website, which claims it is the “complete 2011 tax return.”
Also posted will be a notarized letter from the Romneys’ tax preparer, PricewaterhouseCoopers, LLP (PWC), giving a summary of tax rates from the Romneys’ tax returns for the 20-year period of 1990-2009.
In advance of the posting of these new documents, I wanted to provide some top-line details.
Regarding the newly-filed 2011 Tax Return:
- 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.
It should be noted that this would make two years of tax returns Romney has released, whereas he demanded 10 years from Paul Ryan during his selection and vetting process. Additionally, it should be noted he is releasing them on a Friday afternoon, which traditionally politicians do when they don’t want to have an entire week’s worth of coverage on an issue.
Members of the LGBT community and our allies should remember that the $4,020,772 “donated to charity” likely includes large tithing to the Mormon Church, which is a primary funder of the fight for Proposition 8, the ban on same-sex marriage in California. Many — including 2012 GOP presidential candidate Fred Karger — believe that the Mormon Church (LDS) is a primary funder of NOM, the National Organization For Marriage.