Gop, Tax Return | featured news

...The Romneys gave $4.1 million to charity, but only took a deduction of 2.5 million of that in order to make sure their tax rate stayed above 14 percent... If he loses, he might be able to file an amended return and claim those deductions anyway.

Mitt Romney and his wife, Ann, paid $1.94 million in federal income taxes on 2011 income of $13.7 million, most of it from investments, for an effective tax rate of 14.1 percent, his campaign said Friday.

Gov. Rick Perry joined one other Republican governor and several GOP advisers in saying presumptive GOP presidential nominee Mitt Romney should release his tax returns because transparency works best. “I’m a big believer that no matter who you are or what office you’re running for, you should be as transparent as you can be with your tax returns and other aspects of your life,” Perry said.

Likely Republican presidential nominee Mitt Romney says he'll only release to the public one more tax return – and not until his accountants complete it. Romney tells CNN he's complied with the law by filing a financial disclosure statement.

Former House Speaker Newt Gingrich beat his main GOP presidential rival, Mitt Romney, to the punch by releasing his most recent tax return. But Gingrich still hasn't revealed how he earned most of his $3.1 million.