Romney's 2010 and estimated 2011 Income Tax Returns

INTRODUCTION Mitt and Ann Romney have released their 2010 tax return and an estimate of their 2011 return, thus offering extensive information about their personal finances. In approaching Romney’s taxes, a number of key points should be kept in mind. First, as a successful businessman, Governor Romney has not only added value to our economy through his investment and business activity, but he has paid millions in taxes every year to the U.S. government. Second, the Romneys take to heart “to whom much is given, of him shall much be required.” Accordingly, they have been extraordinarily generous in their charitable giving, donating over $7 million from 2010-2011, averaging over 16% of their income. Third, Mitt Romney has been scrupulous about observing the requirements of the tax code. His income is reported and taxed in full compliance with U.S. law, and he has paid 100 percent of what he has owed. His good name means everything to him. Throughout his life in this and in other matters, he has conducted his personal and business affairs so as to be beyond reproach. Governor Romney is proud of his success and of the accomplishments that created value for society as a whole and contributed to the generation of more than 100,000 jobs. He favors a set of economic policies that will enable every American to get ahead through education, hard work, and a willingness to take risks. Accordingly, he opposes higher taxes that discourage investment and kill jobs. He believes that the tax code needs to be simpler, flatter and fairer. As President, he would work hard to make America once again a country where everyone who takes initiative can flourish.