Mitt Romney and his wife, Ann, paid an effective tax rate of 14.1% for 2011—roughly in line with other recent years—the campaign said in a blog post aimed at defusing criticism of the wealthy candidate.
The 2011 return reportedly will show that the Romneys paid $1,935,708 in tax on income of $13,696,951 for 2011, most of it investment returns, the campaign said. Investment income often is subject to special low tax rates; the current top rate for capital gains and dividends is 15%.
The campaign also released a letter from accountants reviewing the Romneys’ taxes during the 20 years between 1990 and 2009. In a summary, the campaign said that in each year during the 20-year period, the Romneys owed both state and federal income taxes, and paid an annual effective federal tax rate of 20.2%. The Romneys’ lowest annual effective federal personal rate during the period was 13.66%, the campaign said.
The letter from the accountants also shows that over the 20 year period, the Romneys gave to charity an average of 13.45% of their adjusted gross income. Over the period, the total of their federal and state taxes plus the total charitable donations amounted to 38.49% of their adjusted gross income.