Republican presidential candidate and former Massachusetts Governor Mitt Romney speaks at a campaign rally in Cincinnati, Ohio September 1, 2012. (Photo : REUTERS/Brian Snyder)
Republican Presidential Candidate Mitt Romney has revealed his 2011 tax returns. The decision coincides a turbulent week for Romney following hidden video showing the candidate saying disparaging remarks about "47 percent" of Americans and his face appearing darker during a special on Univision.
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Since the Republican primaries, Romney has been asked to reveal his tax returns. It is not mandatory to release them when running for office, but a consensus has formed that since President Barack Obama has released his, that Romney should follow.
In the tax returns, it reveals Romney, and his wife Ann, had an income of $13.7 million for 2011, most were from investments. The tax rate for Romney was 14.1 percent, which equals to $1.9 million.
Romney has been asked to reveal more of his tax returns but his campaign has instead issued a summary from 1990 to 2009.
The summary concluded that the Romney's paid their federal income tax at both state and federal levels every year with an average federal tax rate of 20.2 percent. The lowest average was noted to be 13.66 percent.
"There is no indication or suggestion of any tax-motivated or aggressive tax planning activities," said former Commissioner of the Internal Revenue Service (IRS) Fred Goldberg, in a prepared statement for the Romney campaign.
He added, "In my judgment, they have fully satisfied their responsibilities as taxpayers. They have done so by relying on a highly reputable return preparer and other advisors, who have in turn relied primarily on information provided by third parties to them and to the IRS. The end result of that process has been returns that include a multitude of schedules, IRS forms and accompanying statements that provide appropriate transparency and the proper payment of taxes that Governor and Mrs. Romney owe under current law."
To view the 2011 tax return in its entirety, click here.
Romney's Vice Presidential candidate Paul Ryan also released his 2011 tax returns, jointly made with his wife Janna Ryan. His returns can be seen here.