2012 Presidential Election, Mitt Romney Tax Returns | featured news

Using a tax shelter called a CRUT (charitable remainder unitrust) that was held by the Church of Latter Day Saints (Mormons), Mitt Romney was able to pay zero taxes (legally) every single year from 1996 to 2009. Why did he stop in 2009? Because he would make public his 2010 tax return, that is why.

...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.

Larry Flynt has an offer for Mitt Romney. The Hustler magazine founder, editor and publisher announced that he is offering "up to a million dollars in cash" for the Republican presidential candidates "tax returns and/or details of his offshore assets, bank accounts and business partnerships," a statement reads.

The Secret Service said Wednesday it is investigating the reported theft of copies of Republican presidential candidate Mitt Romney's federal tax records during a break-in at an accounting office in Franklin. Someone claiming responsibility demanded $1 million not to make them public....

Mitt Romney says in an interview that one reason he's reluctant to release his tax returns is that it reveals how much money he and his wife have given to the Mormon church.

Republican presidential candidate Mitt Romney said Thursday that he has paid a federal income tax rate of at least 13 percent in each of the last 10 years, offering his fullest explanation to date of his tax status. “I did go back and look at my taxes and over the past 10 years I never paid less than 13 percent. I think the most recent year is 13.6 or something like that. So I paid taxes every single year,” he told reporters Thursday.

Reassessment of their $12-million home, one of many reductions in San Diego County, has saved $109,000 over four years... Mitt and Ann Romney were easily able to afford a $12-million La Jolla home. But that didn't insulate them from the winds buffeting the real estate market in the months following their purchase in 2008. After paying cash for the Mediterranean-style house with 61 feet of beach frontage, they asked San Diego County for dramatic property tax relief.

Senate Majority Leader Harry Reid (D-Nev.) claimed Tuesday in an interview that Republican presidential candidate Mitt Romney refuses to release additional tax returns because he didn’t pay taxes for 10 years.

Ann Romney says the family gives 10 percent of its income to the Mormon church and he took no salary during his four years as Massachusetts governor. She says that should be enough to put aside people's concerns about his finances.