Romney releases federal tax returns

Jeff Hargarten

Mitt Romney, Republican presidential primary candidate, released his tax returns Tuesday morning, revealing a $45 million two-year income and a recently-closed Swiss bank account, The New York Times reported.

Romney took criticism for failing to release his returns, even as governor of Massachusetts. His returns reveal a 14 percent tax rate, lower than that of many wealthy Americans. The campaign reported he would file an estimated $3.2 million in 2011 taxes.

The tax returns also reveal $4.1 million in donations to the Church of Jesus Christ of Latter-day Saints, of which Romney is a member and gives 10 percent of his household income to.

Romney holds about a quarter billion in assets from his time as founder of private equity firm Bain Capital. His wealth has become a major issue among his rivals in the GOP presidental primaries.