Romney paid 14.1% effective tax rate in 2011

Mitt Romney released his 2011 tax return this afternoon, showing that he paid an effective rate last year of 14.1%.

Brad Malt, who manages blind trusts for Romney and his wife, Ann, disclosed some broad outlines of the couple's return in a letter posted on the Romney campaign website.

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The Romneys paid more than $1.9 million in taxes on about $13.7 million in income, most of which come from investments. Capital gains and dividends are taxed at 15% -- a lower rate than the 35% on ordinary income such as wages and salaries.

The Romneys also donated slightly more than $4 million to charity last year, amounting to nearly 30% of their income. The couple, however, claimed only $2.25 million as a deduction.

Malt said the Romneys "limited" their charitable deductions to "conform" with the candidate's statement in August that he paid at least 13% in income taxes every year for the last 10 years.

The documents also show the Romneys were due a refund last year of about $1.5 million, which the couple applied to their tax liability for 2012.

Romney's complete tax return and supporting documents are available on the disclosure page of Romney's website.

Romney, the wealthiest GOP presidential nominee in decades, has been under fire from President Obama and Democrats for refusing to release more than two years of tax returns. Senate Majority Leader Harry Reid has asserted with no proof that Romney has paid no income taxes in some years -- a point that Romney has vehemently denied.

Reid issued a statement, saying Romney "manipulated" his 2011 tax return and applied "creative accounting."

Obama and his wife, Michelle, paid a little over $162,000 in federal taxes last year on adjusted gross income of $789,674 for a rate of 20.5%.

Romney's campaign also released a notarized letter from PricewaterhouseCoopers showing that Mitt and Ann Romney owed both state and federal income taxes for a 20-year period, starting with 1990 and going through 2009.

The PricewaterhouseCoopers statement says the firm is "not aware of any outstanding income tax amounts for the period owed to the Internal Revenue Service or to any state tax authority."

The accounting firm says the Romneys paid an average annual effective federal tax rate of 20.2%. The lowest personal rate they paid was 13.66% -- which would support Romney's statement in August that he's paid at least 13% every year.

In that period, Malt said the Romneys gave an average of 13.45% of their adjusted gross income to charity.

Romney's disclosures -- coming on a Friday afternoon in a week in which the campaign was criticized by conservatives such as Peggy Noonan -- are unlikely to end a debate that has raged for months about the GOP presidential nominee's finances.

Obama and his Democratic allies have assailed Romney for not providing more information, and for having financial holdings overseas in places such as the Cayman Islands. Romney has been adamant about not providing his rivals with any information that can be distorted.

Romney is worth an estimated $190 million to $250 million, according to his most recent financial disclosure report.

He made his fortune as a co-founder and CEO of Bain Capital, a private equity firm that has helped get companies such as Staples off the ground while consolidating others that have led to layoffs.

Romney left the company in 1999. The 2011 tax return shows he earned $190,350 in speaking fees and $260,390 as a director of other companies.