Note that Romney's giving rate is more than twice that of the Obamas' and millions more, in actual cash donations.
The following is an official release from the Romney campaign.
NOTE FROM TRUSTEE BRAD MALT
BRAD MALT | SEPTEMBER 21, 2012
This morning, Gov. and
Mrs. Romney filed their 2011 tax return with the IRS. At 3:00pm today, the
Romney for President campaign will be posting the 2011 return online.
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.
After you have reviewed all of the
newly-posted documents, you may have further questions. The campaign asks that
you direct them to an e-mail account set up for that purpose. That e-mail
address is returns @ mittromney.com.
Thank you.
R. Bradford Malt is a partner at Ropes &
Gray, LLP. He has been the trustee of the Romney’s blind trust since 2003.
Source site here at MittRomney.com
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