Romney’s updated tax returns show that he paid $1.9 million in taxes on $13.7 million in income, most of which came from his investments. It means his effective tax rate for 2011 was 14.1 percent, which is slightly higher than it was in 2010.
For political reasons, Romney claimed a charitable deduction of $1.75 million less than he could have – claiming $2.25 million from contributions of $4 million. The reason, according to his accountant, was so that he could still abide by a pledge he made in August that he paid at least 13 percent in income taxes in each of the last 10 years.
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Romney’s running mate, Paul Ryan, paid an effective rate of 20 percent in 2011 on $323,416 of adjusted gross income.
President Obama paid an effective tax rate of 20.5 percent in 2011 on adjusted gross income of $789,674. Vice President Joe Biden and his wife paid an effective rate of 23.2 percent on income of $379,035.
Click on the following to read all of the article: Mitt Romney releases 2011 tax returns, paid $1.9m in taxes on $13.7m in income - The Source - Latest news and updates from Boston.com
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