September 21st, 2012
04:57 PM ET

Mitt Romney's Tax tease: Erin Burnett breaks down Romney's tax returns

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.

Erin Burnett deconstructs Romney's tax returns: "It's time to put them on the table"

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.

Romney on Reid's tax return allegations: "Put up or shut up"

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.

Romney's summary of returns for 20 years

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%.


Filed under: 2012 Election • News • Politics
soundoff (4 Responses)
  1. Blah blah the wheel's off your trailer

    Romney paid 14.1% in taxes in 2011 or $2 million which is way lower than what most Americans are paying in taxes. He made $13.7 million and gave $4 million to charity. Hey, giving $4 million to Chinese contractors is not charity. And by the way Mr. Romney, could we see your proof of live tax returns?

    September 25, 2012 at 7:31 am | Reply
  2. Simple tax code

    Sounds like the tax code will be simplified if Romney wins. A flat across the board rate of 14% for everyone!

    Thanks Mitt, you have my vote

    ....ehhh or wait, do you still need us to pay 28% to subsidize you and your friends?

    September 24, 2012 at 1:16 pm | Reply
  3. Bob in Texas

    Why can't one reporter in America ask Mitt Romney if he took Amnesty for tax fraud? There's a reason he won't release his tax records prior to 2010. Is it because he's a proven tax cheater? We know he had overseas accounts during that time frame. Was it an illegal tax haven? I think it's time for Mitt to come clean.

    September 24, 2012 at 12:19 pm | Reply
  4. Robert

    Before I comment on Rush's views please clarify if he is still a drug addict. Also, I was told that he was a draft dodger. Hopefully he pays his fair share of taxes . What's are the answers?? Also, is he a conservative or a reactionary or radical. Difficult to tell and depends on the subject matter and what he was eating/swallowing? Weird guy. I'm glad he was not in Vietnam with me! Cry baby and always yelling and near panic! Am I the only one that sees him in this manner?

    September 21, 2012 at 5:49 pm | Reply

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