Tax Return | featured news

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.

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.

Sen. John McCain (R-AZ) "flatly rejected" to Politico the assertion that he didn't pick Mitt Romney as his running mate in 2008 because of what he saw in his tax returns. Said McCain: "Oh come on, because we thought that Sarah Palin was the better candidate. Why did we not take Pawlenty, why did we not take any of the other 10 other people. Why didn't I? Because we had a better candidate, the same way with all the others... Come on, why? That's a stupid question."

It wasn't just Obama, though, pushing the presumptive Republican nominee to put the issue of his tax returns to rest. "There is no whining in politics," chided John Weaver, a veteran Republican strategist. "Stop demanding an apology, release your tax returns."

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.

Romney, by receiving much of his income in capital gains and dividends and giving millions of dollars to charity, is certainly able to keep his effective tax rate relatively low, especially compared to a wealthy person who earns much of his or her income in salary. But, even so, Romney still pays an effective tax rate that is higher than the tax rate paid by most Americans.

President Barack Obama called on likely Republican presidential nominee Mitt Romney to release more of his tax returns, in an interview with Univision released on Saturday.