Romney Releases 2011 Tax Returns, Summary of Other Years

(Newsroom America) -- Republican presidential contender Mitt Romney released his 2011 tax returns on Friday, following weeks of pressure from President Obama and Democrats who have accused him of trying to hide them.

Romney's returns, the details of which were reported by various media outlets, show:

-- Mitt and Ann Romney paid 1,935,708 in taxes on $13,696,951, on what was largely investment income;

-- The couples' effective tax rate was 14.1 percent;

-- They donated $4,020,772 to charity in 2011, a figure which amounts to nearly 30 percent of their income;

-- For the charitable contributions, the Romneys claimed just $2.25 million in deductions.

"The Romneys’ generous charitable donations in 2011 would have significantly reduced their tax obligation for the year," reported The Weekly Standard, a conservative magazine.

"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 percent in income taxes in each of the last 10 years," said the magazine.

In addition, the Romney campaign is releasing a summary of returns from 1990-2009. They show:

-- In each year the Romneys owed both state and federal taxes;

-- Over the entire period, their average effective tax rate was 20.20 percent;

-- The lowest effective rate they paid over the same period was 13.66 percent;

-- Over the entire period, the Romneys gave to charity an average of 13.45 percent of their adjusted gross income.

Earlier this summer, Senate Majority Leader Harry Reid, D-Nev., hinted on the chamber floor that Romney was engaging in illegal tax activity, allegations which drew a swift response from the Republican candidate along with a challenge to Reid to produce the alleged evidence.

Reid has not come forward with any specific information.

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