Romney To Release 2011 Tax Return Today, Share Tax Data Going Back To 1990
The Romney campaign announced just a short time ago that the candidate will be releasing his 2011 tax return, which is due on October 15th, later this afternoon. According to a note from the person who manages Romney’s blind trust, they will also be releasing information about Romney’s taxes going back to 1990:
The complete 2011 tax return, with full schedules, statements, and attachments, will be made available with all other previously-disclosed information at www.mittromney.com/disclosure.
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.
As with the 2010 tax return, the 2011 tax return will appear as four separate documents. It includes Governor and Mrs. Romney’s Form 1040 as well as three underlying Massachusetts trusts detailing the sources of their income. Those are The W. Mitt Romney Blind Trust, The Ann D. Romney Blind Trust, and The Romney Family Trust.
The investments within the trusts are managed on a blind basis by me, the trustee. I have sole responsibility for making, holding and disposing of the investments.
Regarding the PWC letter covering the Romneys’ tax filings over 20 years, from 1990 – 2009:
- In each year during the entire 20-year period, the Romneys owed both state and federal income taxes.
- Over the entire 20-year period, the average annual effective federal tax rate was 20.20%.
- Over the entire 20-year period, the lowest annual effective federal personal tax rate was 13.66%.
- Over the entire 20-year period, the Romneys gave to charity an average of 13.45% of their adjusted gross income.
- Over the entire 20-year period, the total federal and state taxes owed plus the total charitable donations deducted represented 38.49% of total AGI.
During the 20-year period covered by the PWC letter, Gov. and Mrs. Romney paid 100 percent of the taxes that they owed.
Finally, in addition to new documents related to tax filings, the campaign will also be posting on the same website physician letters for both Gov. Romney and Rep. Ryan, making public their current state of health.
This is, as The West Wing famously called it, “Take Out The Trash” Day, something that the Obama Administration, and many Administration’s before it, has taken advantage of so it’s not entirely surprising that the Romney campaign would do the same thing.