Gingrich says he pays 31% tax rate, will release records tomorrow
January 18th, 2012
11:59 AM ET
3 years ago

Gingrich says he pays 31% tax rate, will release records tomorrow

Winnsboro, South Carolina (CNN) – Newt Gingrich, reacting to rival candidate Mitt Romney's recent remarks on his personal income taxes, said Wednesday he paid a tax rate of 31% and pledged to release his income tax records imminently.

Speaking at a press availability, Gingrich said his staff had confirmed the 31% rate, and was gathering the necessary paperwork for his tax disclosure.

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"I paid a 31% rate," Gingrich said of his 2010 taxable income. "We're pulling together the documents, we hope to get it out sometime tomorrow."

On Tuesday, Romney said he was "probably" paying an effective tax rate of 15% since most of his income was derived from investments rather than salary.

The former House speaker joked that he would name his optional flat tax plan after the businessman and former Massachusetts governor.

"[W]e are going to name our flat tax the Mitt Romney 15% flat tax," Gingrich said in his opening remarks at a town hall meeting in Winnsboro.

"The 21st Century Contract with America at newt.org has a 15% optional flat rate for every American," Gingrich later told reporters. "So my goal is not to raise Mitt Romney's taxes, it's to let everybody pay Mitt Romney's rate. I'm not going to criticize Romney, I'm just going to say, shouldn't we all have the option of a flat tax at the same rate that he was paying?"

Romney said he was planning to release his income tax records in April after the 2011 tax filing deadline. He said filing then would provide voters with the most up-to-date information.

Gingrich said he will release his 2010 tax returns Thursday, and "then we'll match Romney and we'll release 2011 as soon as it's put together."

– Follow Shawna Shepherd on Twitter: @ShepherdCNN.

Also see:

Christie to Romney: release tax info 'sooner rather than later'

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Filed under: 2012 • Newt Gingrich • Taxes
soundoff (20 Responses)
  1. Rudy NYC

    Newt is playing a winning hand right now with his "Romney Rate" spin.

    January 18, 2012 12:01 pm at 12:01 pm |
  2. Truth and Nothing But the Truth

    Egads, has it come to this???!!! Look I pay MORE in taxes than HE does! Vote for me! Yes, I LOVE to give ALL of my money to the government so they can send it to people who don't work and Soyndra! My family doesn't need food or a house or education. It is far more important the federal government be provided for before MY family's greedy needs are met. All hail the collective!

    January 18, 2012 12:08 pm at 12:08 pm |
  3. Emma

    Now THIS is how you persuade the country that we need real tax reform. Show how much you are paying (31%) and advocate that we should all be paying less...and that the tax code needs to be flat, eliminating the influence of special interests. Gingrich can argue this case given this tax situation...Romney can't. People will be too pissed off to hear that multi-millionaire Romney only pays 15%, they won't even listen to his case for tax reform. It's all about perception & people perceive Romney to be an out of touch, elite 1%-er that doesn't pay enough in taxes. Once people have that perception, they won't listen to any of his ideas or arguments. Translation – Obama beats Romney. At least Gingrich can get people to listen to him, even if they end up not agreeing with him.

    January 18, 2012 12:10 pm at 12:10 pm |
  4. Emma

    Now THIS is how you advocate for tax reform. Show people you pay 31%, and advocate we should all be paying a lower rate. Romney could NEVER make this argument given his tax situation. Newt's 15% flat tax plan is very interesting – you should read about it on newt.org. It is set up to not disadvantage the poor, so democrats can't attack the plan from that angle. It sounds fair and simple. Perfect.

    January 18, 2012 12:15 pm at 12:15 pm |
  5. vic , nashville ,tn

    Past one week Newt Gingrich played well, if we he win the nomination that is it we will see Newt in the white house
    Newt is smart wonder why GOP establishment don’t like Newt

    January 18, 2012 12:17 pm at 12:17 pm |
  6. Don

    Yeah, but he's counting the "Tiffany's" deduction. Gingrich is wasting everyone's time and money.

    January 18, 2012 12:21 pm at 12:21 pm |
  7. ST

    Newt, does 31% payment in tax make you entirely a clean man????? You have your own sins somewhere. We know it any you do as well.

    January 18, 2012 12:26 pm at 12:26 pm |
  8. T'sah from Virginia

    ►"The most relevant information is the most recent," Christie said in the interview Wednesday. "He'll release when he files in April. That's going to be up to him."◄

    I truly believe the Republican Party thinks the American people are STUPID!!! The most "recent" tax return is NOT the most important!! I want to see "back" tax returns that are already filed at the IRS, which Romney can make available RIGHT NOW!!! I do not want to see a “tampered” one that he will “make up” now before he files last year’s return!!! Really!!

    Romney already admitted he pays “around” 15% – “Around” meaning he could be paying “up to” 15% or less than that! If he allows us to WAIT until he files last year’s taxes, he can manipulate that one to make it look good to the American people. Pah-Leeezzzzeeee!!!

    This act between Romney and Christie has got to go – Both of them are “funny looking” when they stand next to each other but NO ONE is truly “laughing” about their ACT about what they truly stand for!!!

    Obama 2012 – He already released his taxes for the past several years and will do it again in a heartbeat; he has “nothing” to hide!!

    January 18, 2012 12:27 pm at 12:27 pm |
  9. GROVER NORQUIST IS A ENEMY OF THE STATE

    I'm not concerned about Newt's nor Wilard's tax returns for this year. Show me their returns for the past 5-10 years. It should be easy to do if you have nothing to hide. But I suspect they do. Newt still has to explain that "revolving account" at Tiffany's to me. I may try to see if I can get one of those.

    OBAMA/BIDEN 2012

    January 18, 2012 12:36 pm at 12:36 pm |
  10. Val in MA

    What Newt needs to do is to get out of the way to let the Republican Party unite behind the best candidate and clearest and winning choice in general election. Newt's baggage is too great and he is too arrogant, too nasty, and too egomaniac to have any chance at winning in November. Come on Newt, step aside already!

    January 18, 2012 12:44 pm at 12:44 pm |
  11. Noodle Nose Johnson

    31%? Surrrrrre he does. Go back 5 years and see what his rate was. Newt is a liar and a reprobate on just about every issue but he's telling the truth about his taxes? Seriously?

    January 18, 2012 12:46 pm at 12:46 pm |
  12. D. Loganville Ga.

    Sound like Newt needs a new tax man. He needs to get a referral from Rommey for his tax guy. Is Newt saying he's like the middle class with a large Tiffany's charge card or just stupid.

    January 18, 2012 12:48 pm at 12:48 pm |
  13. Al-NY,NY

    When Newter and the others finally bow out, as they will, they will of course get right behind the "Mr 15% on my dividends/earnings because I'm rich enough not to need a regular salary" phony and blast Obama as if nothing they've said the past few weeks even existed.

    January 18, 2012 12:54 pm at 12:54 pm |
  14. Nobodies Pon

    Newt stay in crash the whole party. Keep the pressure on Romney he is beginning to crack. Party before Country politics needs to be dead and buried. Newt keep up the good work.

    January 18, 2012 12:59 pm at 12:59 pm |
  15. Truth and Nothing But the Truth

    hahaha... Playing a great leftist game here Newt! Now you're saying paying MORE in taxes to the federal government qualifies YOU to be a candidate over somebody smart enough to pay less. Honestly Newt, I used to like you but you've gone off the deep end. Stop playing the leftist games.

    January 18, 2012 01:00 pm at 1:00 pm |
  16. The Elephant In The Room

    Man Newt,

    Your salary as a "historian" for Fannie Mae / Freddie Mac must have been pretty low. You must not have been paid the $1.6M by them that has been reported if your rate was as low as 31%.

    Can`t see how the Republican / Tea Partiers look beyond your lying in bed with the hated "Freddie".

    January 18, 2012 01:07 pm at 1:07 pm |
  17. Peter E

    Thanks to the 'crushing burden' of 'high taxes' on the rich, in the past three decades the rich have gotten even richer, in both absolute, and relative wealth and income, while the bottom half of the country has stagnated. Meanwhile, the rich have not used their extra wealth for extra job creation. They just kept it.
    Thank you 'trickle down' economics...

    January 18, 2012 01:10 pm at 1:10 pm |
  18. Gurgi

    We are the Borg, please wait to be assimilated. Resistance is futile.........I hate games of oneupmanship.

    January 18, 2012 01:14 pm at 1:14 pm |
  19. Marty, FL

    Good for Newt. Waffling Romney needs to release ALL of his tax returns for the past 5-6 years, as President Obama and other predecessors have done already.

    What is Romney hiding?

    January 18, 2012 01:22 pm at 1:22 pm |
  20. bobden

    Don't believe you, neut.

    January 18, 2012 01:33 pm at 1:33 pm |