Mitt Romney has released his 2011 tax returns: He and wife Ann paid $1.94 million in federal taxes on last year's income of $13.7 million, for an effective tax rate of 14.1%, his campaign said today. That's slightly above the 13.9% rate the couple paid in 2010. Most of the 2011 income was from investments. Campaign officials said the couple filed the return today with the Internal Revenue Service, after receiving an extension. They were to publicly release their full 2011 returns later today.
Brad Malt, the trustee of the couple's blind trust, added that Romney and his wife last year claimed a deduction for $2.25 million of their $4.02 million in charitable contributions, reports the AP. In the previous year, a large percentage of those contributions went to the Mormon Church. Critics, including President Obama, have urged Romney to release more than just the two years of returns and follow his father's model. When George Romney ran for president, he released 12 years of tax returns.