Mitt Romney's tax returns and the tax rate he paid on his income have been hot issues in the recent Republican primaries.
"What's the effective rate that I've been paying? It's probably closer to the 15 percent rate than anything because my last 10 years, my income comes overwhelmingly from investments," the GOP front-runner recently told reporters.
So why does a multimillionaire pay just 15 percent on his income? After all, the top income tax rate is 35 percent and many middle-class people pay over 20 percent.
There are reports Thursday that Texas Gov. Rick Perry will leave the GOP presidential race, and Iowa officials announced final results of the state's Republican presidential nominating caucuses held earlier this month.
Texas Gov. Rick Perry salutes after announcing that he is suspending his campaign as a Republican presidential candidate.
Credit Mladen Antonov / AFP/Getty Images
Texas Gov. Rick Perry, left, and former House Speaker Newt Gingrich on Monday (Jan. 16, 2012) in Myrtle Beach, S.C. Reports this morning say Perry will drop out of the GOP presidential race and endorse Gingrich.
Originally published on Thu January 19, 2012 1:18 pm
(This post was retopped with the latest news at 11:18 a.m. ET.)
Saying that "there is no viable path forward for me," Texas Gov. Rick Perry just confirmed that he is leaving the 2012 race for the Republican presidential nomination.
Then, he went on to endorse the bid of former House Speaker Newt Gingrich — just two days before South Carolina Republicans go to the polls in a primary that could either cement former Massachusetts Gov. Mitt Romney's lead in the race for the GOP nomination or give new life to someone else's; perhaps Gingrich's.
Originally published on Thu January 19, 2012 1:29 pm
(This post was retopped with the latest news at 11:04 a.m.)
With the South Carolina primary just two days away, Mitt Romney woke up to some troubling news on Thursday: The Iowa Republican Party revisited his Jan. 3 victory in the caucuses.
Party officials announced that a final certification of the votes actually put Rick Santorum ahead by 34 votes. Because some of the results from eight precincts are missing, the Iowa GOP declared the outcome a split decision.
"Rescue efforts have resumed aboard the wrecked Italian cruise ship, Costa Concordia, off the coast of Tuscany," the BBC reports. "Operations were suspended on Wednesday as the vessel shifted its position. More than 20 people are still missing."
The ship, with about 4,200 passengers and crew aboard, ran into rocks on Friday and listed over to its starboard side. Eleven people are confirmed dead.
Originally published on Thu January 19, 2012 2:57 pm
In the run-up to Saturday's GOP presidential primary in South Carolina, candidates have clashed over the role of Bain Capital — a firm that either creates or kills jobs, depending upon whom you believe.
Front-runner Mitt Romney sees the bright side. Before entering politics in the 1990s, he co-founded Boston-based Bain Capital, one of the nation's largest and most profitable private equity funds. He has said he created 100,000 jobs while at Bain.
Originally published on Thu January 19, 2012 6:36 am
"Running short of cash and unable to sell 1,100 digital imaging patents that could have rescued it," as Rochester's Democrat and Chronicle writes, Eastman Kodak Co. today took the long-expected but still painful step of filing for Chapter 11 bankruptcy protection.
Good morning. I'm Renee Montagne, hoping you made it through a day without Wikipedia. The site was shut down yesterday to protest anti-piracy bills in Congress. Good thing Twitter was there to fill the encyclopedic void. Facts without Wikipedia became a trending topic, informing readers that "Star Wars" was based on the work of Shakespeare, Sweden changed the colors of its flag to yellow and blue after the success of IKEA, and bacon is good for you. It's MORNING EDITION. Transcript provided by NPR, Copyright NPR.