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Romney Unveils 2011 Tax Return After Criticism

HeadlineSep 24, 2012

Republican candidate Mitt Romney has released a limited set of personal tax records following months of public criticism. Romney’s 2011 tax return shows he paid an effective tax rate of 14 percent on gross income of $13.7 million. But the return also shows Romney gave up $1.75 million in charitable deductions so as not to contradict his claim he has never paid below 13 percent. Keeping the deductions would have meant a tax rate of 10 percent. But forgoing them also contradicts his previous statement that he would not be qualified to be president had he ever paid more taxes than he owed. Although Romney continued his refusal to release full tax returns from previous years, a letter from his accountants says he paid a tax rate from 1990 through 2009 of at least 13.66 percent. Speaking on Fox News, former White House Press Secretary Robert Gibbs criticized Romney’s secrecy on his tax returns.

Robert Gibbs: “He gave his accountant 20 years, and he gave the American people two. Chris, what’s he hiding? Why does he have corporations in Bermuda, investments in the Caymans? Why is somebody who says they’re going to get tough on China investing in the Chinese state oil company and banks in China? I think the American people deserve to know a lot more about Mitt Romney’s finances, because he hasn’t been straight with the American people about those finances. And he hasn’t been straight with the American people about what’s going to happen with their taxes.”

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