Still under fire from Democrats about his tax returns, Mitt Romney is releasing his 2011 joint return with his wife, which will show that he paid an effective tax rate of 14.1% in 2011.  Romney's campaign also released a financial review of twenty years of Romney's tax returns, though the actual returns are not being made public.

In 2011, the Romneys had almost $13.7 million in income, most of it characterized as "investment income." They also donated over $4 million to charities.

The Romney campaign released the information in a blog posting by R. Bradford Malt, a partner at Ropes & Gray, LLP, who  has been the trustee of the Romney blind trust since 2003.

This is Malt's report as shown on Romney's web site:

This morning, Gov. and Mrs. Romney filed their 2011 tax return with the IRS. At 3:00pm today, the Romney for President campaign will be posting the 2011 return online.

The complete 2011 tax return, with full schedules, statements, and attachments, will be made available with all other previously-disclosed information at www.mittromney.com/disclosure.

Also posted will be a notarized letter from the Romneys’ tax preparer, PricewaterhouseCoopers, LLP (PWC), giving a summary of tax rates from the Romneys’ tax returns for the 20-year period of 1990-2009.

In advance of the posting of these new documents, I wanted to provide some top-line details.

Regarding the newly-filed 2011 Tax Return:

• In 2011, the Romneys paid $1,935,708 in taxes on $13,696,951 in mostly investment income.

• The Romneys’ effective tax rate for 2011 was 14.1%.

• The Romneys donated $4,020,772 to charity in 2011, amounting to nearly 30% of their income.

• The Romneys claimed a deduction for $2.25 million of those charitable contributions.

• The Romneys’ generous charitable donations in 2011 would have significantly reduced their tax obligation for the year. The Romneys thus limited their deduction of charitable contributions to conform to the Governor's statement in August, based upon the January estimate of income, that he paid at least 13% in income taxes in each of the last 10 years.

As with the 2010 tax return, the 2011 tax return will appear as four separate documents. It includes Governor and Mrs. Romney's Form 1040 as well as three underlying Massachusetts trusts detailing the sources of their income. Those are The W. Mitt Romney Blind Trust, The Ann D. Romney Blind Trust, and The Romney Family Trust.

The investments within the trusts are managed on a blind basis by me, the trustee. I have sole responsibility for making, holding and disposing of the investments.

Regarding the PWC letter covering the Romneys’ tax filings over 20 years, from 1990 – 2009:

• In each year during the entire 20-year period, the Romneys owed both state and federal income taxes.

• Over the entire 20-year period, the average annual effective federal tax rate was 20.20%.

• Over the entire 20-year period, the lowest annual effective federal personal tax rate was 13.66%.

• Over the entire 20-year period, the Romneys gave to charity an average of 13.45% of their adjusted gross income.

• Over the entire 20-year period, the total federal and state taxes owed plus the total charitable donations deducted represented 38.49% of total AGI.

During the 20-year period covered by the PWC letter, Gov. and Mrs. Romney paid 100 percent of the taxes that they owed.