Mitt Romney has released his tax returns for 2011.
Ahead of the disclosure, aides indicated that the Republican presidential contender earned nearly $13.7 million last year and paid an effective tax rate of 14.1 percent, amounting to more than $1.9 million in taxes.
The AP reports:
Romney's taxes have emerged as a key issue during the 2012 presidential race with President Barack Obama. Romney released his 2010 tax returns and a 2011 estimate in January, but he has declined to disclose his returns from earlier years.
His vast fortune and his long association with Bain Capital, the private equity firm he cofounded, have been much discussed this year.
His campaign earlier estimated that Romney would pay about $3.2 million in taxes for the year, an estimate well above the $1.9 million actually paid. He paid about $3 million in federal income taxes in 2010 – an effective rate of 13.9 percent.
Critics, including 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 most unusual aspect of Romney's tax filing for 2011, based on the summary provided by his trustee, is that he and his wife chose not to deduct all of their charitable contributions -- a decision that led to them paying a higher effective tax rate.
Romney in August declared that he had paid at least 13 percent in taxes over the past decade. Had he deducted all of his $4 million in charitable donations, his tax rate would have fallen below that figure.
Romney told ABC News in July: "If I had paid more than are legally due I don't think I'd be qualified to become president."
Romney's running mate, Paul Ryan, released his tax returns for 2010 and 2011 last month. According to the documents, the GOP congressman and his wife Janna Ryan paid an effective tax rate of 15.9 percent in 2010 and 20 percent in 2011.
Click here to view the documents released by Romney on Friday.