Tax returns for 2011 by Mitt and Ann Romney reveal that they gave away a higher percentage of their income to others than did Barack and Michelle Obama, when both taxes and charity are taken into account.
The full returns, along with a notarized letter from PricewaterhouseCoopers (PWC), the Romney’s tax preparer, giving a summary of tax rates from the Romneys’ tax returns for the 20-year period of 1990-2009, will be released at 3 p.m. eastern time.
In 2011, the Romneys donated $4,020,772 to charity, which was 30% of their income. The Romneys also paid $1,935,708 in taxes on $13,696,951 in income, which is an effective 2011 tax rate of 14.1%. In total, they gave 44.1% of their income to others.
In 2011, the Obamas paid $162,000 in income tax in 2011. They donated $172,000 to charity. Their effective tax rate was 20.5% and they gave roughly 22% of their income to charity, which means the Obamas gave about 42.% of their income to others.
Thus, when voluntary and involuntary contributions are both taken into account, the Romneys are more generous than the Obamas–not just in absolute terms but also in percentage terms.