WASHINGTON (AP) — Mitt Romney is releasing his 2011 tax returns.

Romney aides on Friday said the Republican presidential nominee would give the public a look at his finished tax forms. Ahead of their release, expected at 3 p.m., aides said Romney earned almost $13.7 million last year and paid more than $1.9 million in taxes — an effective tax rate of 14.1 percent.

Romney's campaign earlier estimated that Romney would pay about $3.2 million in taxes.

Romney paid about $3 million in federal income taxes in 2010 — or 13.9 percent.

Critics, including President Barack 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.

The younger Romney is refusing.

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More to come, I'm assuming, as this is fresh news...

Now this is crazy. Newt Gingrich had a tax rate of about 31.5%. On about $3.3 million worth of income, he paid nearly $995,000. Imagine.

Romney's expected to release a "summary" of his returns from 1990 until now. I don't trust this guy at all.

This is further proof that the U.S. tax system needs to be overhauled. Its almost unbelievable that someone who is worth around $200 million pays a 14.1% tax rate , while many middle class citizens pay more than 20%. It is also unfathomable that multinational oil companies which earn almost $1 trillion a year in revenue get various tax breaks. Money indeed is the ultimate king in Washington D.C.
Anyway, the Federal Tax Code needs to be simplified; there should be no deductions. Everyone should pay a flat tax rate.

For Mitt Romney, paying too much in taxes is foolish — except if you’re running for president.

The multi-millionaire GOP presidential candidate, who has been under pressure for months to release his tax returns, finally did so Friday — but just for 2011.

His accountants produced a summary for the years 1990 to 2009.

The 2011 tax return revealed Romney and his wife Ann paid $1.94 million in federal income taxes on $13.7 million in income.

But to jack up their tax rate to a more politically-palatable 14.1% rate, the Romneys deliberately didn’t declare $1.75 million in charitable contributions.

Romney spokeswoman Andrea Saul confirmed the couple could have claimed a deduction on the $4 million they gave to charity last year, but chose instead to declare $2.25 million of those donations.

Read more: http://www.nydailynews.com/news/politics/mitt-ann-romney-reveal-details-decades-tax-returns-article-1.1164800#ixzz27GGSUbL5