Dismissing charges that he did not pay taxes in prior years, Republican Presidential Candidate Mitt Romney has released his income tax returns according to which he paid $ 1.9 million in federal taxes on $ 13.7 million in income that he and his wife reported in 2011.
Notably Romney is one of the richest American ever to win the Presidential nomination of a major party, with his personal fortune estimated between $ 190 million and $ 250 million.
In addition to the income tax returns for the year 2011 and 2010, Romney also release summery of his effective tax rates dating to 1990.
For the two years 2010 and 2011, they paid $ 4.9 million in federal income taxes. Their effective federal tax rate in 2011 is 14.1 per cent of Adjusted Gross Income (AGI).
Romney and his wife Ann Romney donated over $ 4 million, nearly 30 per cent of their income, to charity in 2011 and took a deduction for $ 2.25 million of those charitable contributions.
Democrats had been charging that he was hiding his returns because he had paid no taxes some years.
Critics, including Obama, have asked Romney to follow his father’s model. When George Romney ran for President in 1968, he set a precedent by releasing information on 12 years of tax returns.
Romney also faced pressure from fellow Republicans during the primary season to release his returns but refused. Earlier this year, Senate Majority Leader Harry Reid, a Nevada Democrat, accused Romney of not paying taxes in certain years.
“Their generous giving in 2011 could have significantly reduced their tax obligation this year. The Romneys voluntarily 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 per cent in income taxes in each of the last 10 years,” the Romney campaign said.
Along with the tax returns, Romney also released his health status.
“He totally abstains from drinking any alcoholic beverage and does not use any tobacco products or illicit drugs. He eats a high fiber diet with abundant fruits and vegetables and minimizes intake in high cholesterol foods and concentrated sweets,” according to his medical report.
His family history is notable for cardiac arrhythmias, heart attack, and prostate cancer.
His most recent physical examination on in August revealed a healthy appearing, energetic, strong, physically fit male.
Keywords: Republican Presidential Candidate Mitt Romney, published Tax returns, federal taxes, Presidential nomination, Adjusted Gross Income, wife Ann Romney, George Romney, Senate Majority Leader Harry Reid, Nevada Democrat, Romney's health status