Mitt Romney will release his 2011 tax return at 3p.m. this afternoon, and the campaign says the documents will show he paid a 14.1 percent tax rate in 2011. He reported income of $13.7 million. Romney claimed a deduction of $2.25 million in charitable contributions, even though he made slightly more than $4 million in charitable donations. Reuters' Felix Salmon points out this kept Romney's tax rate above 13 percent. That's an curious decision, given that Romney said in a January Republican primary debate, "I pay all the taxes that are legally required and not a dollar more. I don't think you want someone as the candidate for president who pays more taxes than he owes." He told ABC News in July he wouldn't be "qualified" to be president if he paid more than he owed. Barack Obama paid a tax rate of 20.5 percent this year on an adjusted gross income of $798,674.
The Romneys charitable donations amounted to almost 30 percent of their income, a large increase compared to previous years. The campaign says over a 20-year period, the Romneys donated an average of 13.45 percent of their income to charity. At some point, the Romneys paid a higher tax rate. Over the 20-year period, the Romneys' federal effective tax rate was 20.2 percent. In no year did they pay no state or federal taxes.