Romney Made $42.7M in 2 Years, Paid 14% in Taxes
Republican presidential candidate Mitt Romney made $42.7 million over the past two years and paid $6.2 million in taxes, according to documents released Tuesday by his campaign.

Romney and his wife, Ann, filed a joint 1040 reporting $21.7 million in 2010 income and $3 million in taxes. They also said their 2011 income was $21 million and $3.2 million.

Over the two years, Romney's effective tax rate -- the percentage of his income that he owed in federal income taxes -- was just under 14%.

Nevertheless, and contrary to popular perception, Romney's effective federal income tax rate is still above that of many Americans -- 80% of whom have an effective rate below 15%. That tax rate is higher when other federal taxes -- such as the payroll tax -- are included.

The reason Romney's rate is so low -- despite having one of the highest incomes in the country -- is because his income was derived almost entirely from capital gains and dividends from his extensive portfolio of investments. And that form of investment income is typically taxed at just 15%, well below the 35% top tax rate for high earners.

A big part of those deductions were charitable contributions.

Romney and his wife, Ann, gave away more than $7 million over the past two years, with $4.1 million of it going to the Church of Jesus Christ of Latter-day Saints, to which they belong.

Romney has been under pressure for weeks by questions of whether and when he would release his tax returns.

The Romney campaign released more than 500 pages of tax documents on Tuesday, including estimates for 2011. The returns were prepared by accounting giant PricewaterhouseCoopers, the Romney campaign said.

Newt Gingrich, his main rival for the GOP nomination, last week revealed his 2010 tax form. He made $3.2 million and paid an effective tax rate of 31%.

Opponents said voters deserved to know early if there were any financial issues that could put the presumptive nominee's bid for the White House in jeopardy.

Romney is one of the wealthiest candidates in history to seek the U.S. presidency.