Tax returns for 2011 set to be released today by Mitt and Ann Romney reveal that they gave away a higher percentage of their income to others than did Barack and Michelle Obama, when both taxes and charity are taken into account.
The full returns, along with a notarized letter from PricewaterhouseCoopers (PWC), the Romney’s tax preparer, giving a summary of tax rates from the Romneys’ tax returns for the 20-year period of 1990-2009, will be released at 3 p.m. eastern time.
In 2011, the Romneys donated $4,020,772 to charity, which was 30% of their income. The Romneys also paid $1,935,708 in taxes on $13,696,951 in income, which is an effective 2011 tax rate of 14.1%. In total, they gave 44.1% of their income to others.
In 2011, the Obamas paid $162,000 in income tax in 2011. They donated $172,000 to charity. Their effective tax rate was 20.5% and they gave roughly 22% of their income to charity, which means the Obamas gave about 42.% of their income to others.Continue reading on www.breitbart.com