Why Romney hasn't released his tax returns: He's been using a tax loophole (now defunct charitable remainder unitrust with old users grandfathered in) where he essentially uses a "charity" (in his case the Mormon church) for tax deferement, still gets annual payments from the trust, and the charity gets very little in return.
This doesn't seem to be getting much coverage- maybe because the story broke during Hurricane Sandy.
http://www.bloomberg.com/news/2012-1...donations.html
"Setting up the trust, worth between $750,000 and $1.25 million in 2001, enabled Romney to take an upfront deduction for his charitable donation to the trust, while also earning annual payments worth 8 percent of the trust's assets. Unlike much of his own portfolio, Romney's charitable trust investments have been very conservative. (It's now just all cash.) As a result, according to Bloomberg, the trust earned only $48 last year, while paying out nearly $37,000 to the Romneys. Meanwhile, the principal, which goes to the charity upon Romney's death, has been dwindling as a result of those payouts, down to $421,000 in 2011."
http://www.motherjones.com/mojo/2012...ery-charitable