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Romney releases 2011 tax returns

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    What do documents reveal?

  • Duration 4:05
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Older Americans are on the sides of both presidential campaigns today but the focus on Medicare.

Was overshadowed by a long awaited disclosure from the top Republican.

Chief political correspondent Carl Cameron explains.

After months of pressure Mitt Romney released his 2011 tax returns on a Friday afternoon.

The documents show the Romney's gross adjusted mostly investment income totaled thirteen point six million dollars for the year.

They paid one point nine million in taxes for an effective tax rate of fourteen point 1% the Romney's donations to charities four million dollars amounted to a third of their income.

But the only -- a deduction of 2.2 five million.

Governor Romney declared earlier this year that his tax rate had never been less than 13%.

Taking deductions for about half of his charitable donations last year kept that accurate.

President Obama released his 2011 tax return back in April showing an adjusted gross income of over 700000 dollars.

He paid 162000.

Dollars in taxes for an effective tax rate of point point 5%.

Also released by the Romney campaign today a notarized letter from the Romney's tax prepare showing that from 1990 to 2009.

-- average tax rate was twenty point 2%.

Both Romney and Paul Ryan also released medical records indicating there an excellent health.

All this on a day in which the battle escalated.

In Nevada where the polls are virtually tied Romney threw a 12 punch at the president for saying fourteen years ago he believed in redistribution.

And yesterday that the most important lesson he's learned this you can't change Washington from the inside.

President Obama.

Raised up that the white flag of surrender again -- yesterday.

He said you can't change Washington from the inside you have to do it from the outside we're gonna get that chance he's going outside.

Last -- -- his campaign slogan was yes we can I'm afraid it's changing now to know he can't charged with -- he broke his basic promise for change.

The president of Virginia where is a slight edge in the polls used offense as the best defense.

Now for summary of the month -- Well it got really sad.

Road -- -- real quick.

He's put up at a rally probably declared.

All get the job done from the inside.

And he ripped Romney for -- people who don't pay income taxes consider themselves victims entitled to government subsidies.

I don't believe we can get very -- -- leaders who write off half the nation as much of victims.

I don't see a lot of victims of this crowd today.

-- running mate Paul Ryan addressed the AARP convention in New Orleans and got some boos as he courted retirees and he predicted dire consequences for Medicare the president's -- elected you're right to worry.

They years of empty promises by both political parties are threatening.

The security of your golden years -- he ripped into Obama care.

The first step.

To a stronger Medicare.

Is to repeal obamacare.

Because it represents the worst of both worlds.

-- pledged to save Medicare for those in or near retirement and for younger folks to offer a choice of Medicare or private insurance options are idea.

Is to force insurance companies to compete against each other to better serve seniors.

With more help for the poor the sick and less help for the wealthy the president addressed the convention by satellite feed.

Contrary to what you war I want you may hear from subsequent speakers.

Obamacare actually strengthen Medicare mr.

Obama leads in the polls and the -- In August he raised more than -- 84 point seven million dollars to 66 point six.

Mr.

Obama spent more to 83 point seven to 66 point four million that he has more cash on hand than Romney 88 million to Romney's fifty point four.

Special interest -- super pacs raised and spent tens of millions more on both sides.

-- And capping an already frenzied Friday campaign day in Romney's campaign plane a ten -- -- challenger.

Had smoke in the cabin today on a flight between all Omaha Nebraska and Los Angeles they had an emergency landing in Denver no one was hurt they think it was electrical.

I'll still no -- on the to move forward but obviously a very frenzied end for a very very busy campaigned at -- busy week as well Carl Cameron -- in Las Vegas Carl thank you.

Still ahead can review.

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