Gingrich releases records showing nearly $1M in federal taxes paid on 2010 income
January 19th, 2012
10:56 PM ET
11 years ago

Gingrich releases records showing nearly $1M in federal taxes paid on 2010 income

(CNN) - Putting further pressure on presidential rival Mitt Romney to release his own tax paperwork, former House Speaker Newt Gingrich posted online his 2010 federal income tax records during Thursday's CNN Southern Republican presidential debate.

The records show Gingrich and his wife, Callista, jointly paying nearly one-third of their income in federal taxes. The campaign also released Form 990-PF records for the taxable Gingrich Foundation.

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The federal tax of $994,708 amounted to 31.7 percent of their $3,142,066 adjusted gross income.

More than three-quarters - $2,525,683 - of the Gingrichs’ personal income was from partnerships and so-called S corporations, and the couple reported $450,245 in traditional salary-type income.

Newt Gingrich's occupation is reported as "consultant," and Callista Gingrich's as "executive." Each reported $10,000 income for service on a board of directors. It was not clear from the statements whether the payments were for service to the Gingrich Foundation, which reported no compensation to either the candidate or his wife.

The Gingrichs’ deductions included $136,922 in state, local, real estate, and property taxes, as well as $81,133 in charitable gifts.

Their foundation, meanwhile, reported grants and contributions totaling $120,000 to 14 organizations.

Gingrich has pressed Romney for tax document transparency in recent weeks, calling on the former Massachusetts governor to lend clarity to the business practices of Bain Capital, the investment company he ran in the 1990s. Romney's competitors, outside super PACs, and Democrats have attacked Romney for job losses at companies which Bain owned.

Much of Romney's income is understood to be from investments and, according to federal tax law, is assessed at a lower rate. The candidate acknowledged this when speaking to reporters on Tuesday.

"It's probably closer to the 15 percent rate than anything," Romney said. "The last 10 years my income comes overwhelmingly from investments made in the past rather than ordinary income or rather than earned annual income."

Romney said he was hesitant to release tax records for fear President Barack Obama’s re-election effort would use them against him.

"Every time we release things drip by drip, the Democrats go out with another array of attacks," he said. "I'll put these out at one time so we have one discussion of all of this. I obviously pay all full taxes. I'm honest in my dealings with people."

"I pay a lot of taxes. I've been very successful. When I have our taxes ready for this year, I'll release them," he said.

Federal Election Commission disclosure forms showed Romney earning $374,327 in speaking fees between February 2010 and February 2011, which the candidate characterized as "not very much." Gingrich's release shows him earning $21,625 in 2010 speaker fees.

Also see:

Perry drops out, endorses Gingrich

Polls: South Carolina primary tightening hours before crucial debate

Gingrich as compares Romney's 'desperate' attacks to 2008 campaign

Romney the establishment, Santorum the 'rebel,' ad says

Filed under: 2012 • Newt Gingrich • Taxes
soundoff (24 Responses)
  1. Peace

    Romney's hesitation of releasing his tax returns immediately, makes me lose trust in him completely. I do wonder what was he preparing in the past years if not getting his tax returns ready?

    January 19, 2012 11:16 pm at 11:16 pm |
  2. Tired of republican lies

    Great..thank you Grinch...It is Romney and his shady past we are interested in...That would implode his cadnidacy, because we all know he is as dirty and paid off as all get out...

    January 19, 2012 11:20 pm at 11:20 pm |
  3. Sirned

    We need to see the last 10 years of both Newt's and Romney's tax returns to really get a feel of what and who they are...

    January 19, 2012 11:22 pm at 11:22 pm |
  4. vic , nashville ,tn

    Even today’s debate Romney doesn’t want to talk about his wealth and he gave two ammunition to Obama campaign “ I didn’t inherited anything form my father’s wealth” and “the street I grow up”
    But he got endorsement from TN state house speaker after the debate , Its clear now GOP establishment forcing us to support Romney
    If Romney is GOP nominee we will vote for Obama

    January 19, 2012 11:29 pm at 11:29 pm |
  5. Hangar13

    Am I the only one who thinks a candidate's positions on the issues and vision for the country are more important than his tax returns? Our society has become far too Springer-ized and dumbed down when potential voters don't even understand why they should vote for or against a candidate.

    January 19, 2012 11:31 pm at 11:31 pm |
  6. Steven in Charleston

    In all this discussion of taxes and tax rates, let's not overlook the fact that, based upon the above numbers, Mr. & Mrs. Gingrich donated a paltry 2.6% of their income to charity. Given the fact that the Republicans are always talking about how social needs should be addressed through private giving, it appears that hypocrisy is alive and well in the Gingrich household.

    January 19, 2012 11:36 pm at 11:36 pm |
  7. Mike from VA

    Nope Hangar13, I agree. The fact that people want to know how much someone makes is ludicrous, childish, and feeds this culture of envy. People of power make money. Period. Do I care how much they pay in Taxes? Not really; odds are they paid more than me in taxes and this only proves that. Romney's 15% and Newt's 30% are higher than probably 90% of all Americans. Mine was 11% last year off a modest income level. Stop this nonsense people and let's focus on the key issues, not the extreme issues. As much as there is a need for the media, they are ruining this country by Making the Story instead of reporting on the story.

    January 19, 2012 11:40 pm at 11:40 pm |
  8. m

    $300k plus is not very much in the income circles Romney runs in.

    January 19, 2012 11:40 pm at 11:40 pm |
  9. george of the jungle

    newt has the moralss of an ally cat once a cheat and a lier always a cheat and a lier. Do you really believe he got religion. So do all the guys in prison if they think it will help their case. He should pay more in taxes. look what he earned. As for Mitt he is nothing but a crook who is clueless as to the plight of the average Americam. Santorium would not approve anything if he doesnt think it is bibical.' He would set equal rights back to 1950. The repos sure can pick um. I remember how upset they where over President Clinton. They sure have changed now. Some even writting how Newts personal life doesnt matter when running for president. Flip Flop. THe whole parety is that way

    January 19, 2012 11:45 pm at 11:45 pm |
  10. Peace


    "Am I the only one who thinks a candidate's positions on the issues and vision for the country are more important than his tax returns?!"

    Sorry I humbly disagree with you. What a person did in the past, reflects what he will do in future. A candidate can not set his views/visions if he was not able to perform correctly in the past, including showing what he earned and what he paid in taxes. It is like a radar steps allowing a person to ride from one step to the other!

    January 19, 2012 11:48 pm at 11:48 pm |
  11. Chicken comes homes to roost from Caymans!

    Romney torpedo his chance in SC over taxes. Romney says he not going to apologize for his sucess. If Romney so pround of his sucess why not share his sucessful tax returns. Romney is acting like Gordon Gecko.

    January 19, 2012 11:48 pm at 11:48 pm |
  12. john

    when will someone ask if we are really ready for a former mistress to be the first lady of america. you chose her newt
    but the answer will be ours

    January 19, 2012 11:50 pm at 11:50 pm |
  13. carrotroot

    Romney's taxes are not going away they are going to come up each time there is a debate, he should address this quickly.

    January 19, 2012 11:53 pm at 11:53 pm |
  14. steven mandeville

    Show ur tax return mitt romney be forth right with income as newt gringretch has been catch u and ur pac in lies

    January 19, 2012 11:56 pm at 11:56 pm |
  15. cassidy77

    To all the democrats out their crying about the rich not paying their taxes, there you go. 31% of Newt's income went on taxes. And did you get the $80,000 in donations? Too bad that isn't forced on candidates to reveal.

    January 20, 2012 01:08 am at 1:08 am |
  16. PeppeRiviera

    I love how everyone thinks Romney doesn't want to release his tax returns because they will reveal him as dishonest. The main reason is because it will show the millions of dollars he gives to his church, which would lose him even more support from the hypocritical southern ideologues. Why do you think he said April? Because April is when he hopes to have the nomination sewn up, so he won't have to worry about the religious reverends stirring up their mindless lemmings.

    January 20, 2012 01:15 am at 1:15 am |
  17. manhandler

    Romneys financial disclosures , or lack thereof, tell me he's not a man who can possibly relate to the challenges that I, and millions of other middle class Americans, face everyday.

    January 20, 2012 01:38 am at 1:38 am |
  18. Brendan

    Is anyone actually concerned about whether or not Romney cheated on his taxes? Or do people just want another reason to hate rich people. He shouldn't have to apologize for being successful at his career, if anything it makes his resume better for the position he is currently interviewing for.

    January 20, 2012 03:12 am at 3:12 am |
  19. donna

    Romney thinks he is the one to take on Obama, but he needs to release his old tax returns NOW or voters will never give him that chance.

    January 20, 2012 03:16 am at 3:16 am |
  20. Anonymous

    Romney all the way. All the others are politcal insiders and they will guide the nation down the same path the country is going.

    January 20, 2012 03:53 am at 3:53 am |
  21. Anonymous

    Mitt is the only one the understands the economy. Mitt all the way to the White House.

    January 20, 2012 03:58 am at 3:58 am |
  22. melan

    "Only Ron Paul thinks about the American future. The other candidates are currupt"

    January 20, 2012 04:51 am at 4:51 am |
  23. RinosRWinos

    Now lets see Romneys tax return. Did he pay taxes on the money he stashed in the Caymen Islands?

    January 20, 2012 07:05 am at 7:05 am |
  24. RabhS

    Do you want a president that can make things happen and understand a global economy or someone who cannot figure out how to reduce his own taxes. I would not be surprised if Gingrich paid 15 % for the last few years and as part of his candidacy, decided to pay up a little more... Can he release all his taxes since he was in the house ?

    January 20, 2012 07:43 am at 7:43 am |