In it, but not of it. TPM DC

Mitt Romney's Real Effective Tax Rate

Jwxmtinlfxubtnv8imyv
Newscom

According to the campaign, Romney earned $13,696,951 in 2011, of which he paid $1,935,708 in taxes.

But those figures include $1,770,772 in charitable contributions that he could have deducted, but chose not to. Since the campaign acknowledges that nearly all of Romney's income came from investments, we assume he paid a 15 percent rate on that $1,770,772 -- or $265,615.80 in taxes that he didn't have to pay.

If you subtract that figure from his total taxes, you're left with $1,670,092.20 -- the amount of tax he would have paid if he'd deducted all of his charitable contributions.

And that's 12.2 percent of his overall income.

Late update:

Romney's official return reveals that some of his income was subject to the Alternative Minimum Tax at a maximum rate of 28 percent. If the contributions he didn't deduct were taxed at that rate, it means he could've reduced his effective tax rate even lower -- to 10.5 percent.