Mitt Romney’s Tax Return Preview
Mitt Romney is set to release his tax return for 2010 and an estimated return for 2011 amid outcry from both Democrats and his fellow Republican candidates. Romney has been characterized as both a corporate raider and out of touch with the American people.
The Washington Post and the Wall Street Journal, which were provided early details of the returns by the Romney campaign, reported an overview which shows that in 2010 Mitt and Ann Romney paid an effective tax rate of 13.9 percent well below the effective rate of most Americans.
Highlights of the Romney 2010 tax return:
- Mitt and Ann Romney’s total gross income for 2010 was $21,661,344. In June of 2011, Romney joked to a group of unemployed Floridians, “I’m unemployed too.”
- In 2010 Mitt and Ann Romney paid $3,009,766 in income tax at a rate of 13.9 percent
- Mitt and Ann Romney’s total charitable contributions in 2010 amounted to $2,983,974 which included a donation to the Church of Jesus Christ of Latter-Day Saints in the amount of $1,525,000.
- The couple had a Swiss bank account which was also closed in 2010. The couple had additional accounts in both Bermuda and the Cayman Islands.
- Mitt and Ann Romney list their occupations as “executive” and “homemaker.”
Reuters further reports:
“Romney advisers stressed that the holdings in the Caymans – along with those in a Swiss bank account that was closed in 2010 after an investment adviser decided it could be politically embarrassing to Romney – were reported on tax returns and were not vehicles to avoid taxes.”
Mitt Romney is expected to release his 2010 tax returns and 2011 estimated returns later today.