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Romney's tax returns

Bill Ritter's daily take on the news.
September 21, 2012 1:22:27 PM PDT
He said he wouldn't. Now he has. Mitt Romney tonight releasing a summary of 20 years worth of tax returns - he said he'd do only 2 - and he released his 2011 return. Nearly $14 million in income, most of it from investments. And he paid nearly $1.9 million in federal income taxes - an effective tax rate of 14%.

The rate is slightly higher than the 13.9% the Romneys paid the year before. He would have paid more in taxes - had he not tithed about $4 million. In prior years, most of his charitable contributions went to the Mormon Church. Interestingly, his rate would have been lower had he claimed the entire $4 million in charity payments.

And if this had not been investment income - just regular income - the tax rate would have been much higher. That's part of the current debate, of course - whether to let capital gains and other investment income tax rates of 15% expire and be taxed at ordinary income tax rates.

Is that more fair?

We'll have the latest at 11.

And remember the "tanning mom?" We have an update on her tonight at 11 - and wait till you hear what she's doing now.

We'll also have any breaking news of the night, plus Meteorologist Lee Goldberg's weekend AccuWeather forecast (will you need an umbrella for the first day of Fall?), and Rob Powers with the night's sports.

I hope you can join Sade Baderinwa and me, tonight at 11, right after 20/20.

BILL RITTER

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