Romney's Release of Tax Info Doesn't Silence Critics

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Mitt and Ann Romney released their 2011 income tax return. Last year the Romney's made over $13 million, mostly through investments. They paid nearly $2 million in taxes and the couple paid over $4 million in donations. That amount is about 30 percent of their income.

The release did little to satisfy President Obama's campaign, Democrats and other Romney critics.

"Today's release of Mitt Romney's 2011 tax returns confirms what we already knew, that people like Mitt Romney pay a lower tax rate than many middle-class families because of a set of complex loopholes and tax shelters only available to those at the top," Stephanie Cutter, Obama's deputy campaign manager, said.

The average middle class family makes between $50,000 to $75,000 a year and pays about 12.8 percent of their income in federal taxes. Romney's 2011 tax information shows that he paid a 14.1 percent tax rate.

Romney's campaign also released a summary of 20 years-worth of tax information.

It declares that Romney paid taxes every year between 1990 and 2009. It also shows that on average Romney's tax rate was 20.2 percent. That counters charges from Senate Majority Leader Harry Reid, D-Nev., that Romney hadn't paid taxes in 10 years.

Obama's tax return for last year showed that he and his wife, Michelle, made over $700,000 and paid $162,074 in federal taxes. Their tax rate was 20.5 percent.

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