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Think it's a fair tax system when we show the obvious differential in people? >> well, i can understand why a lot of the people high up in the republican party think the tax system is fair. it's entirely fair to them. >> why the cloth-cut republican? why the regular republican? why do they say it's a fair system? >> when they hear fair system, is this a fair system, they are hearing the question, did bush dot right thing when he cut tax rates? although as we know, reagan did raise taxes and raise taxes on the wealthy when he thought it was required to deal with the deficit. i think this is goi...

release your income tax so the people can see how you made your money. >> we know why releasing is so hard for mitt. rom nay pays a tax rate closer to 15%, and part of the reason why it's a loophole. not only legal, but pretty standard, but it doesn't feel fair and square. here's the bottom line. he was the founder and partner in bain capital. when you're a partner in a private equity firm, you get a cut of the profits you make. usually, 20%. now, stay with me because what happens here adds up to tens of billions of dollars in lost tax revenue for america. say my buddy, will, you've ...

happened in that tax return. let's go "outfront." good evening. i'm erin burnett, "outfront" tonight, mitt's taxes. now, romney is caving in to the mounting pressure. >> i think both president obama and hillary clinton released their taxes in 2008. just strikes me that governor romney ought to step and follow the same procedure. >> i don't know what my effective rate of tax is, but i'm fairly confidence it's a lot higher than 15%. >> mitt, we need for you to release your income tax so the people can see how you made your money. >> we know why releasing is so hard for mitt. rom nay pa...

good evening. tonight, mitt's taxes. now, romney is caving in to the mounting pressure. fz. >> i think both president obama and hillary clinton released their taxes in 2008. just strikes me that governor romney ought to step and follow the same procedure. >> i don't know what my effective rate of tax is, but i'm fairly confidence it's a lot higher than 15%. >> mitt, we need for you to release your income tax so the people can see how you made your money. >> we know why releasing is so hard for mitt. he plays a tax rate closer to 15% and part of the reason why is a loophole. not only ...

"outfront" tonight, the market slid nearly 200 points today. the reason, fear and uncertainty. fear of europe and fear of the super committee. we are counting down to a huge moment for america on a day our commander in chief was warned china's military is building up with one main goal, taking on america. i'll get to that in a moment. first, the super committee is exactly one week away from its deadline to cut a minimum of $1.2 trillion from america's deficit. today was a day called critical by some lawmakers. the meetings have ended. there is no word on a possible deal. now, nearly ...