Romney Releases 2010 and 2011 Tax Information: Over $40 Million in Income, Paid $6.2 Million in Taxes

This morning, after feeling the heat from the Republican base for weeks, GOP candidate Mitt Romney released his tax information for the last two years. Here are the figures (source The Washington Post):

  • Romney and his wife Ann reported a 2010 income of $21.7 million.
  • In 2011, the Romneys will report an income of $20.9 million.
  • The Romneys gave $7 million to charity over the last two years, which includes over $4 million to the Church of Latter Day Saints.
  • The IRS got $6.2 million from the Romneys for the last two years.
  • In 2010, the Romneys' tax rate was 13.9 percent, which amounted to about $3 million in federal taxes.
  • In 2011, the Romneys are set to pay $3.2 million in taxes, which is a rate of 15.4 percent.
  • Almost all of the Romneys' income came from profits and capital gains from investments.

Last night at the Florida GOP in Tampa, Romney addressed the tax issue:

 

“You’ll see my income, how much taxes I’ve paid, how much I’ve paid to charity I pay all the taxes that are legally required and not a dollar more. I don’t think you want someone as the candidate for president who pays more taxes than he owes.” 

Romney add that his taxes are “entirely legal and fair." He also added: “I’m proud of the fact that I pay a lot of taxes.”

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