Mitt Romney releases tax returns – everything seems ok

Republican presidential candidate Mitt Romney released his 2010 tax returns and an estimate for 2011 today showing he’s likely to pay $6.2 million in taxes on income of $42.5 million over the two years.

The former Massachusetts’ governor’s tax information can be found on his website.

The records show Romney paid an effective tax rate of 13.9 percent on his adjusted gross income for 2010, and 15.4 percent for 2011. The average effective tax rate of American taxpayers is 11 percent, says the Tax Foundation , a Washington, D.C. nonprofit that supports lower taxes.

Romney listed $21.6 million in income for 2010, mostly from investments, and an estimated $20.9 million for 2011. He paid $12.5 million in capital gains taxes in 2010 and an estimated $10.7 million for 2011. According to the New York Times, $12.8 million of Romney’s income over the two years came from carried interest related to his time at Bain Capital , a Boston private equity firm he co-founded. Romney retired from the firm in 1999.

His charitable donations totaled $3 million in 2010 and $4 million in 2011.

During a GOP presidential debate last night in Tampa, Romney said his tax returns for the past two years are “entirely legal and fair.”

“I pay all the taxes that are legally required, not a dollar more,” Romney said at the debate, moderated by NBC News anchor Brian Williams. “I’m proud of the fact that I pay a lot of taxes.”

Romney is worth an estimated $190 million to $250 million, according to information in his personal financial disclosure report.

via www.bizjournals.com