Gingrich Beats GOP Foes to Tax Return Punch

Releases 2010 tax return online before South Carolina debate

   

Former House Speaker Newt Gingrich has put additional pressure on former Massachusetts Gov. Mitt Romney and the other remaining GOP candidates by releasing his 2010 federal tax return on his website.

According to the form, Gingrich filed a joint return with his wife Calista, and the two paid a 31.45% tax rate on their income. They paid $994,708 on $3,162,424 in total income. Most of Gingrich’s income comes from businesses, the largest of which is Gingrich Productions, a multimedia production company that creates documentaries, books, newsletters, audio books, and photo essays, as well as handles Newt and Calista’s appearances on television, radio, and for speeches. At least some of Gingrich’s income was likely to have been taxed at the ordinary income tax rate of 35%.

Gingrich also has promised to release his 2011 tax return when it is completed in April, and thus far seems to be well on top of the tax return game. It might be a political ploy, but it is still refreshing to see a candidate implying, however indirectly it might be, that paying a fair share of taxes is a good thing, and not something to avoid.

For more information on Newt and Calista Gingrich’s tax filings, see this CNN.com article. For a look at the tax forms for both the Gingrichs and their foundation, check out their web site.

– Benjamin Nanamaker, InvestorPlace Money & Politics Editor

The opinions contained in this column are solely those of the writer.

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