ILLINOIS—(ENEWSPF)—September 21, 2012. An analysis of Mitt and Ann Romney’s 2011 tax returns shows that they paid more taxes than they should have. This is contrary to statements the GOP nominee made to ABC News in July when he said: “I don’t pay more than are legally due and frankly if I had paid more than are legally due, I don’t think I’d be qualified to become president. I’d think people would want me to follow the law and pay only what the tax code requires.”
During the campaign, Romney has indicated that he never paid lower than a 13 percent tax rate.
According to his tax returns, Romney made $13.7 million in 2011 primarily from investment income. While the Romneys made charitable donations of more than $4 million, they only claimed $2.25 million resulting in the Romneys paying a tax rate of 14.1% in 2011.
According to a statement made by a Romney campaign official, “Governor Romney has been clear that no American need pay more than he or she owes under the law. At the same time, he was in the unique position of having made a commitment to the public that his tax rate would be above 13%. He directed his preparers to ensure that he is consistent with that statement.”
It should be noted that Romney would be fully within his legal rights to file an amended return in the future, requiring the Treasury Department to cut him a substantial refund check.
President and Mrs. Obama paid an effective tax rate or 20.5% in 2011.