Romney paid $1.9m in taxes during 2011
Republican presidential hopeful Mitt Romney silences the Democrats by revealing his tax history.
WASHINGTON - Republican presidential candidate Mitt Romney paid $1.9 million in taxes on more than $13 million in income in 2011, an effective tax rate of 14.1 percent, his campaign said on Friday ahead of the promised release of the full return later in the day.
Fighting back against Democratic claims that he paid little or no taxes in earlier years, the Romney campaign also plans to release a letter from accountants saying he owed an average effective federal tax rate of 20.2 percent over the 20-year period ending in 2009.
Democrats led by Senate Democratic Leader Harry Reid have suggested Romney paid little or no taxes in those earlier years. Despite heavy political pressure, his campaign has refused to release earlier returns.
President Barack Obama and his Democratic allies have used Romney's refusal to release more returns as evidence that he is an out-of-touch millionaire.
Romney, who faces Obama in the November 6 election, earns the majority of his income from investment profits, dividends and interest, which is taxed at a lower rate than income. Romney's campaign said the lowest annual federal personal tax rate he owed over the 20 years was 13.66 percent.