Mitt Romney's tax returns for 2010 and 2011 showed he and his wife Ann Romney earned nearly $35 million over those two years, ranking the couple among the wealthiest American taxpayers.
The campaign announced in April 2012 that the Romneys had sought an extension for the couple's actual 2011 tax return because some of the companies in which the couple invest had not reported earnings by the tax deadline.
The Romney campaign said the extension was not politically motivated, but sought to turn attention away from the couple's wealth.
The couple filed its final 2011 tax return on Sept. 21, 2012.
2011 Tax Return for Mitt and Ann Romney
Here are details of the actual 2011 tax return for the Romneys:
- Income: $13,708,608
- Capital Gains Income: $6,810,176
- Dividend Income: $3,649,567
- Adjusted Gross Income: $13,696,951
- Itemized Deductions: $4,681,842
- Charitable Donations: $4,020,772
- Taxes Paid: $1,935,708
- Effective Tax Rate: 14.1%
Estimated 2011 Tax Return for Romneys
Here are details of the estimated 2011 tax return for the Romneys:
- Income: $20,908,880
- Capital Gains Income: $10,700,179
- Dividend Income: $1,905,753
- Adjusted Gross Income: $20,901,075
- Itemized Deductions: $5,688,179
- Charitable Donations: $4,020,572
- Taxes Paid: $3,226,623
- Effective Tax Rate: 15.4%
2010 Tax Return for Romneys
Here are details of the 2010 tax return filed by the Romneys:
- Income: $21,661,344
- Capital Gains Income: $12,573,249
- Dividend Income: $3,327,678
- Adjusted Gross Income: $21,646,507
- Itemized Deductions: $4,519,140
- Charitable Donations: $2,983,974
- Taxes Paid: $3,009,766
- Effective Tax Rate: 13.9%
Romney Tax Returns in 2012 Election
The tax returns filed by the Romneys shed light on the family's wealth, which became a target of President Barack Obama's re-election campaign.
A super PAC supporting the Democratic president's campaign, Priorities USA Action, spent millions of dollars on ad criticizing the relatively low effective tax rate on the Romneys.
"His tax return from last year reveals he made $21 million, yet paid a lower tax rate than many middle class families. Now Romney’s proposing a huge new $150,000 tax cut for the wealthiest one percent, while cutting Medicare and education for us," the ad stated.
The tax rate for the top federal tax bracket is 35 percent. IRS data show that the wealthiest American taxpayers paid an average effective tax rate of 22 percent in 2009.
Romney Campaign Statement on Tax Returns
The campaign sought to head off media attention on the Romney's personal wealth during the 2012 presidential campaign. The former Massachusetts governor is worth between $85 million and $264 million.
The campaign said Romney "is proud of his success and of the accomplishments that created value for society as a whole and contributed to the generation of more than 100,000 jobs."
"First, as a successful businessman, Governor Romney has not only added value to our economy through his investment and business activity, but he has paid millions in taxes every year to the U.S. government," the campaign said in releasing the records.
"Second, the Romneys take to heart 'to whom much is given, of him shall much be required.' Accordingly, they have been extraordinarily generous in their charitable giving, donating over $7 million from 2010-2011, averaging over 16% of their income," the campaign said.
"Third, Mitt Romney has been scrupulous about observing the requirements of the tax code. His income is reported and taxed in full compliance with U.S. law, and he has paid 100 percent of what he has owed," the campaign said.
Mitt Romney on Taxes
Romney opposes the Buffett Rule, which would impose a minimum effective tax rate of 30 percent on wealthy Americans, or those earning more than $1 million a year. Romney said such a tax rule would "discourage investment and kill jobs."
The Buffett Rule would have a significant impact on the amount of taxes Romney pays. In 2010, his effective tax rate on earnings of about $21 million was 13.9 percent. In 2011, Romney's effective tax rate was 15.4 percent on the same amount.
In other words, imposition of the Buffett Rule would double the amount of taxes Romney pays.
