Gingrich tax rate about 32 percent in 2010, returns show
Newt Gingrich and his wife, Callista, paid nearly $995,000 in federal taxes on adjusted income of $3.14 million in 2010, translating to an effective tax rate of about 31.6 percent, according to tax documents released by his presidential campaign late Thursday.
The records appear to put the Gingriches in line with the typical tax rate for people earning their level of income, which ranks them in the top 1 percent of all taxpayers. But the percentage is nearly double the rate that Republican rival Mitt Romney estimates paying on his earnings, most of which count as capital gains and are taxed at 15 percent.
The Gingriches reported $450,245 in combined wages, plus $2.53 million in income from partnerships and S corporations that are part of the former House speaker’s financial empire, often dubbed Newt Inc. The couple also reported about $66,000 from speaker’s and director’s fees, rental income and dividends, and said they donated $81,133 to charities.
The pair reported $4,184 in net short-term capital gains and $32,541 in net long-term capital losses. The campaign also released a copy of the 2010 tax return for the Gingrich Foundation, which gave $120,000 to charitable causes, including the Basilica of the National Shrine of the Immaculate Conception.
full: http://www.washingtonpost.com/politics/gingrich-tax-rate-about-32-percent-in-2010-returns-show/2012/01/19/gIQALyFKCQ_story.html
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