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After being bated to reveal his tax returns, Republican Presidential candidate Mitt Romney finally obliged, releasing his federal income taxes for 2010.

VIDEO: Mitt Romney Debates Martin Luther King Jr.

It was revealed that Romney paid about $3 million in federal income taxes in 2010, having earned more than seven times that from his investments. Those earnings, $21.7 million, put him among the wealthiest of American taxpayers.

Romney also gave nearly $3 million to charity, half to the Mormon Church – which helped lower his effective tax rate to a modest 14 percent, according to records his campaign released early Tuesday.

For 2011, he’ll pay about $3.2 million with an effective tax rate of about 15.4 percent, the campaign said. Those returns haven’t yet been filed with the Internal Revenue Service.

At last night’s 18th Republican debate hosted by NBC, Romney said:

“You’ll see my income, how much taxes I’ve paid, how much I’ve paid to charity. I pay all the taxes that are legally required and not a dollar more. I don’t think you want someone as the candidate for president who pays more taxes than he owes.”

Romney’s 2010 returns show that he is in fact among the top 1 percent of taxpayers. The returns showed about $4.5 million in itemized deductions, including $1.5 million to the Church of Jesus Christ of Latter-Day Saints.

As far as his personal fortune, Romney keeps some of his money in Cayman Islands accounts, where many international investors shelter their income from American taxes. Although Romney admits he doesn’t use the funds to avoid or put off paying the appropriate taxes.