Newt Gingrich Paid Nearly $1 Million In Taxes During 2010
Just minutes before the televised Republican presidential debate began on Thursday night GOP presidential hopeful Newt Gingrich released his tax returns, showing that he paid $994,708 in federal taxes in 2010.
The tax return shows that Gingrich paid those taxes on an earned income of $3.1 million, making his effective tax rate 31.6 percent of his adjusted income.
The move comes less than a week after Mitt Romney revealed that he only pays 15 percent of his annual income into the tax system. Romney is estimated to be worth more than $250 million compared to Newt Gingrich’s $6.5 million personal worth, part of which is earned from his Gingrich Productions company which produces his various books and films and claimed $500,000 in annual sales in 2010.
Newt also provided to charity, donating 2.6 percent of his income in 2010 for a total of $81,133 in cash and checks. While nearly $100,000 in charitable donations may sound like a decent chunk of his money the Center on Philanthropy at Indiana University says the average charitable donations made by a household earning over $2 million per year is $259,692.
The tax issue is likely to be a pushing point for Newt Gingrich moving forward as many American feel that the super-rich in America pay too little in taxes and use loopholes to pay in the same tax bracket as some of American’s poorest citizens.
Do you believe that Newt Gingrich’s plan to release his 2010 tax return will work in his favor or do American’s want a proven business leader running the country during an extended period of economic failure?
