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Mitt Romney paid $1.95 million in taxes on his 2011 investment income of $13.7 million, his campaign revealed on Friday, saying it will make good this afternoon on Mr. Romney’s promise earlier this year to eventually release his full returns for that year.
The Republican presidential nominee, who released his 2010 tax returns in January, continues to refuse demands from President Obama’s campaign and other Democrats to release multiple years of his returns. Mr. Obama has sought to portray Mr. Romney as an out-of-touch millionaire who used off-shore accounts and accounting gimmicks to reduce his tax liability.
But Mr. Romney’s lawyer said on the campaign’s Web site that the candidate will release a letter later today from his tax advisers providing a summary of his tax liability for a 20-year period from 1990 to 2009. The campaign said the summary will show that Mr. Romney paid taxes every year during that period, that the lowest annual federal tax rate was 13.66 percent and that the Romneys gave an average of 13.45 percent of their income to charity during the period.