BREAKING: Mitt Romney paid a lower tax rate in 2011 than most Americans at 14.1%. Oh, and he's really rich.

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Some bullet points were posted at Mitt Romney's website blog, but at 3 pm Eastern, Romney's 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.

Seems like a Friday dump to moi, but what do I know? I'm just one of the 47%.

The blind trust will release a 20-year "summary", see... so he's still not telling us what we need to know. What is he hiding?

From Romney's blog:

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. [...]

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.

 And this:

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.

The Romney campaign has set up a special email address just for questions here:

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.

More at the link.

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