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Inside Newt Gingrich's tax return - Jan. 19, 2012
Gingrich Productions? Photo Gallery - Gingrich Productions
the biggest portion of over $2.5 million came from Gingrich Productions? the one that made a stupid book called "Sweet Land of Liberty"? and some other books that he most likely never wrote a single word of it? all that.... for that much $$$? seriously?
Truth? His silly little business is a money-laundering front.
NEW YORK (CNNMoney) -- Presidential candidate Newt Gingrich was the first over the line in the Great Tax Return Race of 2012.
On Thursday night, just as the final debate before South Carolina's Republican primary was getting underway, Gingrich posted online the 2010 joint federal tax return he filed with his wife, Callista.
That's the percentage of the couple's total income -- $3,162,424 -- they owed in federal income taxes. Their total tax bill was $994,708.
Gingrich's opponent Mitt Romney said this week that he estimates his effective federal tax rate is about 15% -- a number driven down by Romney's millions in investment income, which is typically taxed at a lower rate than ordinary income such as a salary.
By contrast, the vast majority of Gingrich's income -- more than $2.5 million -- came from money he earned from his businesses, the biggest of which is Gingrich Productions. And it's likely that at least a portion of that income was taxed at ordinary income tax rates, which run as high as 35%.
At the CNN debate Thursday, Romney again said he would release his 2011 tax return when it is completed in April, and added that he may also release returns from prior years as well.
In addition to his businesses, Gingrich drew income from speaking and board of director fees, a rental property, and from his many stocks, mutual funds and certificates of deposit.
Gingrich's return also showed that he paid close to $20,000 in alimony in 2010, nearly $15,000 for household help and more than $8,000 in tax preparation fees. He also received $76,000 in pensions and annuities.
Gingrich Productions? Photo Gallery - Gingrich Productions
the biggest portion of over $2.5 million came from Gingrich Productions? the one that made a stupid book called "Sweet Land of Liberty"? and some other books that he most likely never wrote a single word of it? all that.... for that much $$$? seriously?
Truth? His silly little business is a money-laundering front.