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Pablo Martinez Monsivais / AP
Former House Speaker Newt Gingrich speaks at the Christ Central Community Center in Winnsboro, S.C. on Wednesday.
WINNSBORO, SC -- Newt Gingrich said Wednesday he paid 31 percent of his income in taxes in 2010.
While continuing across the Palmetto State on his bus tour, the former House speaker told reporters he hopes to release his 2012 tax returns tomorrow, which he said he had been told would reflect the fact that he paid nearly a third of his income to the federal government.
Gingrich's statement comes amid efforts by Mitt Romney to parry attacks by his rivals in Saturday's South Carolina primary after Romney had estimated his effective tax burden at about 15 percent over the past year.
It's part of a broader effort by Gingrich and fellow GOP presidential candidate Rick Perry, the governor of Texas, to put pressure on Romney to release his tax returns immediately. The former Massachusetts governor has been reluctant to release his tax records, but has suggested he might make public his most recent returns in April should he have secured the nomination by then.
In the meanwhile, Gingrich has used Romney's words yesterday to needle the frontrunner in the South Carolina primary, a contest which Gingrich has transformed into somewhat of a last stand for conservatives looking to halt Romney's march to the GOP nomination.
“We are going to name our flat tax the Mitt Romney 15 percent flat tax,” Gingrich told the roughly 150-person crowd today. "My goal is not to raise Mitt Romney's taxes, but to let everyone pay Romney's rate."
This back-and-forth between Gingrich and Romney is just one of a number of heated topics between the two campaigns. Gingrich has been especially eager, too, to highlight Romney's private sector record at Bain Capital, the private equity firm he helped found and which led to most of his wealth.
Gingrich seems to be gaining momentum in South Carolina with just three days until the state primary and the Romney campaign is taking the threat to sealing up a sweep of the early nominating states seriously.
In response to the former speaker's push, Team Romney has begun responding, labeling the former Speaker as an “unreliable leader," and holding a press conference call with campaign advisers, creating a new website, and releasing a new web ad.
“I mean where do they get the gall to run these kinds of an ad?” Gingrich told reporters after being informed of the new Romney campaign ad that says he helped re-elect a Democrat. “Maybe they’re bored. Maybe they have excess money. Maybe they want to throw the kitchen sink.”
The speaker is staking his campaign on the primary Jan. 21 and wants conservatives to rally around him as he believes he is the only candidate who can beat Romney.
“I am trying to get every conservative voter in this state to decide, while they may like somebody else, that historically we need to get the vote for Gingrich,” the Speaker said, noting that it would be “helpful” if either Perry or former Pennsylvania Sen. Rick Santorum dropped out of the race.
South Carolina voters will cast their ballots Saturday.
Leave a Comment:
What part of this argument over taxes is about is the fact that the Bush tax cuts no only lowered the rates from the Clinton years (which created a surplus) but added a preferential rate to interest and dividends (15%) as opposed to earned income. Is that something as a society we think is the right policy? I think that is a legitimate debate.
The tax rates under Clinton did not create the surplus. The dot com boom holds that honor.
All we have is what they say they pay. I want to see documents. I would also like to see just what Mitt has in overseas accounts. Jason while you are correct in what you say.....you just do not say enough. Sorry
Bill Clinton and Hillary made 80 million in speeches over the last 8 years? how much tax
did they pay? how much did they give to poor and sick people? how much did Pelosi make
last year? how much tax did she pay and how much to charity? come liberal demos you can't
have it both ways! ask republicans this question then ask your rich liberals who claim to be
willing to pay more taxes and help the poor and the sick! it's all liberal BS! Go Newt!
Go MITT! go go go go....get this socialist big union president out of the white house!
You seem to have missed that this sniping back and forth about taxes is between Romney and Gingrich, not between the GOP and Democrats. Why are you involving liberals and Democrats in an internecine GOP feud?
The one thing that is important about what Gingrich has pointed out is that Romney pays 15% since it is mostly capital gains tax. That should result in significant debate, since the ultra rich who make mostly investment income pay a lower rate than many in the middle class. Too bad it isn't remotely credible coming from Gingrich, since he wants the capital gains rate cut to 0%, so that guys like Gingrich pay 0%.
Why are you involving liberals and Democrats in an internecine GOP feud?
I'd say because of the hypocrisy
I'll believe Newt's figures when he publishes his tax return. He's known more for his penchant for equivocations. Although he'd be a really, really stupid politician to jump out and say it without triple-checking his facts. Another possibility is he simply took his gross income, added up all the tax amounts on his W2s, 1099s, etc., and did some simple math. Instead of doing the math off of his tax return. If we all did that, all of us would be "taxed" at the full bracket rate. Let the real accountants tell us Newt's truths.
Who cares who pays what in Taxes. If you did not cheat on Taxes no one should even care if you paid 0% or 100%. This is ALL just another political game people play. Our Country is so deep in debt with all this spending and giving to countries that hate Americans. This has to stop before we are a third rate nation because of the politician buffoons that help ruin this Country.
Alan....absolutely. Democrats want to deflect the real issues: government spending and jobs...
Who cares, the average person in Denmark pays 50%, and the government takes good care of its people and have the happiest people on earth. Part of it is they don't have fleets of military all over the freaking world, and they don't throw cash at Israel.
yeah....neither does Guam...
How much did Newt make last year? I'd like to see if he has anything in common with the rest of us.
None of the Republican candidates for President thrill me in the least, but what Newt is doing right now is shady. It may just be that Newt had to pay the 31% tax rate because of income gained from speeches or consulting. Romney already admitted that he derives most of his income from investments - which are taxed at 15%. This is like comparing apples and oranges and Newt knows it.
The question is whether or not the people of South Carolina will realize it.
This just goes to show you that there's a little bit of crook and corruption in a few of them, and a lot of crook and corruption in most of them.
Gee he paid 31%!!!!
He needs a better tax accountant or at least TurboTax.
2012 tax return. That's not due until April 15, 2013. Lets put more people to work, after we educate them, as proofreaders.
The Republicans are a bunch of loud mouth, bullying, coward racist idiots. Anyone calling themselves a republican or tea partiers represents nothing but the KKK in a 3 piece suit. Their words are insulting and shows their limitation of education or world travels. These idiots standing on stage totally out of touch with mankind - all they know is kill, liberty and the consitution. Their whole campaign is on who can beat President Obama? Clue - at the end of the day - what is their plan to fix the economy? Instead of focusing on beating the President why not focus on their plans to fix the economy?
I am one of the 99%ers and I am proud to be one. I pay over 37% of my income towards taxes and other stuff. But to have millionaires standing on stage bragging about how little taxes they pay is an out right insult to my intelligence. And further more UNEMPLOYMENT IS NOT A GOVERNMENT BENEFIT! Those receiving those benefits paid into something called unemployment insurance while they had a job. The company that they worked for paid those funds to the a pot to be held for the person just in case they were seperated from their job. So Fox Fake News need to stop calling unemployment benefits which are paid for by the employee welfare or a government check as if those payments are free and other people tax dollars.
Sunshine- evidently there has been little sunshine to hit your brain.. Your post proceeds to rant in the same manner that you accuse Conservatives and Republicans of which is pretty funny (especially coming from a liberal).
Would you like to be the one to explain to my family of color that they are members of the kkk? In fact I'll invite you over so I can watch the reactions.
Or all of the great conservative blacks in this country? perhaps you'd enjoy telling them that they are part of the kkk?
Conservatives have been proposing ways to fix the economy. the same ways that worked for John F Kennedy and Reagan. But true conservatives are proposing more permanent fixes. We want to reverse the 80 years of marxist socialism that have created this mess.
As a professional tax preparer, I can assume with a high degree of certainty that you are not paying more in taxes than most millionaires including the GOP candidates.
Federal Unemployment insurance is unconstitutional and YOU DO NOT PAY INTO IT. No employer pays into any fund at the Federal level for unemployment. It is a marxist redistribution of taxes paid by others.
But it's hardly surprising that you are ignorant of the facts. Most Americans and especially a great majority of the uneducated Democrat voters know little if anything about our constitution or economics.
here are some great examples of the liberal voter
http://www.youtube.com/watch?v=P36x8rTb3jI
http://www.youtube.com/watch?v=tV8P-vib5n8&feature=related
http://www.youtube.com/watch?v=gCXot2HQT00&feature=related
http://www.youtube.com/watch?v=e_JJLLfTR8I&feature=related
http://www.youtube.com/watch?v=woBC5b3Ti0M&feature=related
http://www.themudflats.net/wp-content/uploads/fixed.jpg
Here's one for you, Larry! Enjoy!
Guess skinflint Newt doesn't pay for a good accountant, or he does his taxes himself.
Newt! Yer an evil pig
Newton, is it possible that you might need a different Tax Preparer?
What about the tax rate for SINGLE PEOPLE????
This is GREAT !!
Go get him (Romney) Newt......
But, the GOPeaParty says, we (democrats) are "just jealous" (of Romney).
Were we (those who did not have a VIP pass into the Air National Guard) "jealous" of George W. Bush's cushy stateside (AWOL) "tour of duty"? NO....We were OFFENDED that those born to politically connected (and wealthy) families could escape the war their parents supported. Likewise, we are OFFENDED Romney (and his ilk) can escape the taxation they expect the rest of us ("little people") to pay.
This "sophomore psychology" used by the GOPeaParty is amusing. But, it is not nearly so amusing as it is disgusting. That's why nobody is laughing.
Democrats are not perfect. They are just SO MUCH BETTER than the alternative.
People!! People!! People!!!
The rich should be paying 71%!!!!!!!
This is a !@# shame!!! the poor Rich people!!!!!! How about making some Jobs!!!!!
Newt is just another lying Republican!!! Poor Rich People!!! They have got it bad!!!
Newt Gingrich said Wednesday he paid 31 percent of his income in taxes in 2010, He could have paid 70%, which would have been the Rich fare share!!!!!
Reagan cut the marginal tax rate on the wealthiest of Americans from 70% to 38%. He promised it would spur an orgy of investment and rocket the economy to new levels of production and prosperity. Instead, his supply side economics did the exact opposite. It produced the deepest recession since the Great Depression.
Can you understand the truth!!!
AJ- while it's true that liberalism is a mental disorder, it would be unfair to assume that everyone who supports liberalism has a mental disorder. However in your case, your post seems to indicate that indeed you are inflicted with this disease.
under Reagan
Total federal revenues doubled from just over $517 billion in 1980 to more than $1 trillion in 1990. In constant inflation-adjusted dollars, this was a 28 percent increase in revenue.3
Because of Reagan's policy pronouncements and belief in the free markets combined with the passage of his economic growth agenda, by the end of his first 12 months in office the price of gold had declined to $377.50 per ounce (equivalent of $936.78 today). This remarkable drop of nearly 60% from the previous all-time peak just 24 months before came about despite the fact that America was still in the throes of excessive (but declining) inflation and extremely high unemployment.
By August 1983 (28 months into President Reagan's first term) the price of gold was at $401.75 or $910.48 per ounce in 2011 dollars (down 61% from 1980 peak). Inflation had been reduced to 3.2% (from 13.5%); the unemployment rate was at 9.2% (down from a high of 10.8% in November of 1982); annual GDP growth in 1983 was 4.52%, the highest in the previous four years. In the final year of Reagan's first term GDP grew by an astounding 7.19% and the unemployment rate had been reduced to 7.6%).
From the end of 1982 to 1989, black unemployment dropped 9 percentage points (from 20.4 percent to 11.4 percent), while white unemployment dropped by only 4 percentage points. Black household income went up 84 percent from 1980 to 1990, versus a white household income increase of 68 percent. The number of black-owned businesses increased from 308,000 in 1982 to 424,000 in 1987, a 38 percent rise versus a 14 percent increase in the total number of firms in the United States. Receipts by black-owned firms more than doubled, from $9.6 billion to $19.8 billion.
A set of minority economic profiles released by the Census Bureau show that black households had a median income of $19,758 at the time of the 1990 census, up 84% from 1980, The Associated Press noted in 1992.
Ronald Reagan's tax cuts are directly responsible for the Dot Com boom of the 1990's. Without the freeing up of capital for investment and the reduction of capital gains taxes, there would not have been a Dot Com explosion in the 90's.
Larry Robinson-1323081......
That is the most outrageous falsehood seen recently. The dot com boom was inevitable once the internet reached a critical mass. Ronald Reagan had ABSOLUTELY nothing to do with the internet.
Prove otherwise.
Gingrich is lying here, because he has said repeatedly he wants to lower the capital gains tax to 0%. That means guys like Romney would pay practically no tax.
I don't know how these guys can say things like that with a straight face. If you lower top rates to 15%, and cut the capital gains rate to zero, we can say adios to having a strong military. That's just for starters. But how are we going to fund things like university research that generates the skilled workers the economy, even in these times, is lacking?
Actually, there should be only a national sales tax on goods sold. We should abolish the thuggery of the IRS
Here's a question for you flat tax mrwarmth:
Say a young person decides to start a small earth moving business. $100k of equipment is purchased using a $10k down payment and the equipment as collateral. No profit is earned in the first year.
Now, two scenarios: 1. the current income tax system and 2. your flat (sales) tax system.
How much federal (income or flat) tax would this young entrepreneur pay under these two scenarios?
Answers:
1. Under the current income tax system, this young entrepreneur would pay no ($00.00) federal income taxes.
2. Under your flat tax system, the young self (and possibly others) employer would pay AT LEAST (an additional) 23% (or $23k) in federal flat tax. Also, the cost of the equipment would be increased to $123k. Since the lending agency will not lend on non-collateral items (i.e. the flat sales tax), the prospective business owner would have to cough up $33k in down payment rather than $10k.
HOW IS THAT (new and/or small) BUSINESS FRIENDLY ??
It's only friendly to ESTABLISHED businesses who will have far less to fear from young upstarts who might put competitive pressure on prices. But, that's what you folks mean to do anyway....right? Either that, or you just don't think these things through very well. Either way, it (the flat (sales) tax) is a bad deal for all but the wealthy in this country.
Ian....I did not say flat tax........I said a national sales tax to replace the present income tax system...a national sales tax means you pay tax when you actually buy something.....it includes the underground economy income that presently pay no tax, but they do PURCHASE things...that is when they are taxed....this system presently works in 50 states (53 if you're obama).
Nice presentation by you, though.
mrwarmth.....
That is why the words SALES TAX appeared several times in the reply (to your comment).
It matters not what you call it or whether it is "flat". The effect is the same: higher prices on purchased goods (including earth moving equipment). Furthermore, those higher prices (due entirely to your tax) are paid REGARDLESS if the company is producing a profit or not. Thus, it is an impediment to new business and a burden to those that are struggling.
Perhaps you mean well. But, this (national sales tax...flat or otherwise) idea is fatally flawed. That is, unless your goal is to further disadvantage individuals and small business relative to large established business.
BTW---Just because states are doing something does not make it wise. Hopefully, you need no proof for this. Also, many states have (elaborate and easily exploited) exceptions to their sales tax laws.
The truth is, we don't know the truth. We don't know that Mitt paid the higher percentage on his earned income or not. He said he paid around 15%. I wouldn't put any merit in his tax returns for the past year if he decides to release them in April. What would be more telling are his returns from the past 5-10 years.
Why should his tax returns matter at all? If he did not break any laws why should he have to justify being successful? Here's the truth, he pays a lot of money in taxes but not a high percentage in taxes.
NO.....HERE is the TRUTH Skup......
Our current tax code is HEAVILY slanted to FAVOR the WEALTHY. Mitt Romney wants to make that slant even steeper. Romney doesn't even pay FICA for goodness' sake.
Don't you folks care about FAIRNESS at all ? It seems you are willing to sacrifice virtually everything (including our democracy) for whatever it is YOUR aristocracy is giving you in return.
Ian Emdee - Ian there is a reason capital gains are taxed a much lower rate than income. Like it or not capital investments are what create jobs over the long haul. Those investments are riskier but necessary. We don't support lower tax rates for capital gains because we feel the rich need more money. We support those rates because we believe that capital investment by private citizens is ultimately better for the economy than giving it to an incompetent federal government in the form of taxes.
PROVE IT Skup.......There is no evidence to support your ASSUMPTION.
Here's another theory: We should substantially reduce taxes on the middle class. That will increase disposable income. More disposable income will create demand. That demand will create jobs.
This theory is much more demonstrable (and common sensible) and yours. Let's call it "percolate UP economics". What do you say?
The taxes on capital gains should be on par with those on ordinary income. That could be on the agenda for the 2nd Obama administration. There is ABSOLUTELY no reason why folks who have been buying (for example) gold over the past several years should escape fair taxes. Can you think of one?
No no, Newt.. Thats the tax rate for your hookers and booze. everything else was much lower.
The Republican Congress hasnt passed the hooker and booze tax break bill yet.
Its stuck in congress because the tax break only effects 1% of the hookers.
Know your facts man!
Gingrich is being a jerkwad on the percentage he or Romney pay on their taxes.
Fact: Romney is paying capital gains taxes because that is his primary income. Gingrich is paying an income tax for his books, movies, speaking fees, etc., and not primarily on stocks and dividends. Two different things entirely and the law of the land so far as take rates are concerned.
Romney is behaving very weakly on this - he has nothing to be alarmed about - the laws state that is what he pays based upon the type of income he reports.
Gingrich only hurts himself when he plays the smug card. It makes him appear foolish and primary voters don't like it. And he is anything but a fool - except on this.
When you look at all the "job creation" done by Bain Capital, most of the numbers were in the pizza delivery business.
Romney's taxes were all from capital gains, so there is really no comparison. Newt probably has capital gains taxes, taxed at 15% also. Lets not mix apples with oranges. I like Newt, but I don't think he is on the right track.
When the Democrats controlled the White house and all of congress from 2008-2010 why did they continue the Bush tax cuts now known as the Obama tax cuts?
Aunt Anna,
To extend unemployment benefits for the long term unemployed. Some would call it a compromise.
There is a lot of BS in this room......three things will determine the winner of the next presidential election: jobs, government spending, and turnout rate. The devil will be in the details.
Gingrich still didn't pay enough, as he used all the rights and privileges afforded to him from the Congress. Congress has been in the hands of the ultra rich for over fifty years and as a result there is a great discrepancy in adequate taxation of everyone in America. The bottom line is every source of revenue generated from every and all entities should be taxed evenly and proportionately across the board for the betterment of all American without any exceptions or deductions. Distribution of said taxes back to the states should come with defined restrictions and goals for everyone without modifications or other justifications. This is not Socialism, but distribution of the pain across the entire board evenly. All the rich are given gross passes on taxation while the middle class supports the government.