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News Tip: Romney, Gingrich Taxes Highlight Disparity in Rates

How much in taxes GOP presidential hopefuls pay has become a major campaign issue.

Newt Gingrich released his 2010 taxes last week; Mitt Romney has said he will release his 2010 return and an estimate of his 2011 on Tuesday.Lawrence ZelenakProfessor of law, Duke University Law School http://www.law.duke.edu/fac/zelenakZelenak teaches about income tax, corporate tax, tax policy and torts. Quote:"At least since Warren Buffet compared his tax rate with that of his secretary, it has been widely known that the very wealthiest Americans often pay tax at a lower rate than most middle-income taxpayers -- in sharp contrast to this nation's long-established tradition of progressive taxation."That extremely wealthy Mitt Romney has an average tax rate around half of merely wealthy Newt Gingrich is an example of how the benefits of the crucial high-income tax breaks -- the 15 percent rates on capital gains, dividends, and 'carried interest' income of managers of private equity funds -- are concentrated at the very top of the income distribution."