Romney releases 2011 tax returns | World News - Hindustan Times
close_game
close_game

Romney releases 2011 tax returns

PTI | By, Washington
Sep 22, 2012 12:40 PM IST

Dismissing charges that he didn't 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.

Dismissing charges that he didn't 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.

HT Image
HT Image

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.

Hindustan Times - your fastest source for breaking news! Read now.

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% of adjusted gross income (AGI).

Romney and his wife Ann Romney donated over $4 million – nearly 30% 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 paying no 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% 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.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away! - Login Now!

Get Latest World News along with Latest News from India at Hindustan Times.
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On