GOP candidate Mitt Romney says his effective tax rate is 15 percent. Why so low? The answer lies in a theory that if you tax investment too high, economic growth and job creation are discouraged. But it's somewhat controversial, not least because most of the people who get to pay that lower rate are well-off.
Texas Gov. Rick Perry dropped out of the Republican presidential race Thursday, saying he saw no way forward. The same day, the Iowa Republican party announced that Mitt Romney is no longer the winner of the caucuses there.
GOP candidates have attacked Mitt Romney as a "vulture capitalist" who destroyed jobs. The charges center on his 15 years at the private equity firm Bain Capital. But what are private equity firms, and what do they do?
Longtime Boston Globe reporters Michael Kranish and Scott Helman start their biography of Mitt Romney by examining his ancestors, many of whom played crucial roles in the development of the Mormon faith. The Real Romney also examines the candidate's political beliefs and his career in private equity.
Rick Perry garnered instant front-runner status in some polls when he joined the GOP presidential race. But he slid to the back of the pack after embarrassing debate performances. All along, his bid for the nomination seemed outsize. So, too, were the expectations, which ended Thursday.
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