Romneys updated tax returns show that he paid $1.9 million in taxes on $13.7 million in income, most of which came from his investments. It means his effective tax rate for 2011 was 14.1 percent, which is slightly higher than it was in 2010.
For political reasons, Romney claimed a charitable deduction of $1.75 million less than he could have claiming $2.25 million from contributions of $4 million. The reason, according to his accountant, was so that he could still abide by a pledge he made in August that he paid at least 13 percent in income taxes in each of the last 10 years.
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