Newt Gingrich shared his 2010 tax returns on his website on January 19th, 2012. Newt and his wife, Callista, filed a joint tax return with an adjusted gross income of $3.14 million. They paid a total of $994,708 in income taxes.
According to the tax returns, Callista was paid $191,827 in W-2 wages in 2010 and Newt received $2.5 million in K-1 profit from an S corp and an additional $250K in W-2 wages.
Here are some miscellaneous observations from the couple’s tax filing:
- Paid only $613,517 before the filing and had to pay an additional $382,734 after. Since they didn’t withhold enough, they were charged an estimated tax penalty of $1,543.
- Invested in American Funds Capital, which they sold at a loss of $20,340
- Invested in Ishares Trust S&P Smallcap 600 and had a gain of $11,555
- Had an overall longer-term loss of $35,636 on misc investments
- Paid alimony in the amount of $19,800
- The tax rate of their income comes in around 31%
- The couple paid over $8K in tax preparation fees
Below are the links to the actual tax returns that they filed:
Top candidates in elections will give into pressure to disclose their tax returns, especially the wealthy candidates. Wealthy individuals have received a lot of press lately after Warren Buffet announced that he pays a lower tax rate than most Americans.
Mitt Romney plans to share his tax returns on January 24th, and many people believe that his returns will show that he paid an effective tax rate of about a 15%, since he earns most of his money in investment income rather than ordinary income.
With Gingrich’s income, the majority of his income came from his businesses. This seems to be a strategic play by Gingrich in order to show that he pays a higher percentage tax rate than his opponents do.