You already know Republican presidential candidate Mitt Romney released his tax returns today. The political headlines read like this: Romney paid 14.1% effective tax rate in 2011, nearly $2 million. He made $13.7 million last year, as a couple gave over $4 million to charity.
The Romney campaign also released a summary of taxes over a 20-year period, showing Romney paid an average of 20-percent effective tax rate.
The summary strikes back at Senate Majority Leader, Harry Reid (D-NV), who claimed that an unnamed investor with Bain Capital, Romney's former private equity firm, told him in a phone conversation that Romney had not paid taxes for a decade.
Are the latest Romney document dump enough for critics? And if you accept Romney's 20-year tax summary, then Harry Reid will have to check his sources. Will Reid double down on his accusations or offer an apology to the Republican candidate?
On OutFront tonight, Erin breaks down the returns and evaluates the political implications–7 p.m. ET on CNN.
OutFront tonight: CNN Contributor Reihn Salam and Columnist Marc Lamont Hill.
Romney paid 14% effective tax rate in 2011
Mitt Romney made $13.7 million last year and paid $1.94 million in federal income taxes, giving him an effective tax rate of 14.1%, his campaign said Friday.
His effective tax rate was up slightly from the 13.9% rate he paid in 2010.
The majority of the candidate's income came from his investments, said Brad Malt, a lawyer who presides over Romney's blind trust, in a blog post.
The couple gave just over $4 million to charity.
In addition, the Romney campaign said Romney's tax filings from 1990 to 2009 show that the couple paid 100% of the federal and state income taxes they owed and that their overall average annual effective federal tax rate was 20.2%. Annually they never paid an effective rate below 13.66%.