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Emily Schmidt
Washington

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Emily Schmidt
Washington

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The Romney campaign is giving voters more insight into the candidates finances.
Emily Schmidt reports from Washington.
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MORE THAN FIVE MONTHS HAVE PASSED SINCE MANY PEOPLE BEAT THAT APRIL 15 TAX DEADLINE .... TODAY, 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 SHOW HE MADE JUST UNDER 14-MILLION DOLLARS IN 2011 -- THE MAJORITY OF HIS INCOME CAME FROM INVESTMENTS.
HE PAID SLIGHTLY LESS THAN 2-MILLION DOLLARS IN FEDERAL INCOME TAXES, MEANING HIS EFFECTIVE TAX RATE WAS ABOUT 14-PERCENT.
DESPITE HIS HIGH INCOME, ROMNEY'S TAX RATE IS LOW BECAUSE CAPITAL GAINS AND DIVIDENDS FROM INVESTMENTS ARE TAXED AT AROUND 15 PERCENT ... MUCH LOWER THAN THE 35 PERCENT TOP TAX RATE FOR HIGH EARNERS.
BY COMPARISON, PRESIDENT OBAMA AND THE FIRST LADY REPORTED A JOINT INCOME OF ABOUT 790-THOUSAND DOLLARS, 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. AND THE CAMPAIGN SAYS THE COUPLE PAID ALL THE FEDERAL AND STATE INCOME TAXES THEY OWED.
ROMNEY HAS OFTEN BEEN CRITICIZED BY DEMOCRATS AND EVEN BY SOME REPUBLICANS FOR HIS TAX RATE ... AND FOR NOT RELEASING THIS INFORMATION BEFORE TODAY. IN THE PAST, ROMNEY HAS CALLED THAT INTEREST IN HIS TAXES "SMALL MINDED." THIS NEWLY-RELEASED NUMBERS ARE CERTAIN TO GET PLENTY OF PUBLIC AND POLITICAL SCRUTINY.
IN WASHINGTON, I'M EMILY SCHMIDT.
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