Romney releases tax returns
WASHINGTON (CNN) - More than five months have passed since many people beat that April 15 tax deadline.
Friday, we got our first glimpse of Mitt Romney's 2011 return.
The Romney Campaign released the Republican presidential nominee's tax filing for last year. They showed he made just under $14 million in 2011. The majority of that came from investments so he paid slightly less than $2 million in federal income taxes.
While those who make that level of money through salaries would be in the highest tax bracket (35 percent), capital gains and dividends from investments are taxed at around 15 percent. That means had his income been entirely from a salary, Romney would have paid closer to $5 million in taxes last year.
By comparison, President Obama and the First Lady reported a joint income of about $790,000. They paid 20.5 percent in federal taxes.
The Romney campaign also released a summary of his taxes from the past 20 years. The campaign says that between 1990 and 2009, the candidate and his wife paid an average effective rate of about 20 percent. The campaign says the couple paid all the federal and state income taxes they owed.
Romney has been criticized by Democrats and even by some Republicans for his tax rate and for not releasing this information before Friday.
In the past, Romney has called the interest in his taxes "small minded."