E-mail updates
Follow on Twitter
Subscribe to RSSGOP presidential candidate Rick Santorum is riding his momentum from a trio of caucus wins to the top of the latest national polls. NBC's Peter Alexander reports.
Presidential hopeful Rick Santorum sought to draw another sharp contrast between himself and Republican rival Mitt Romney when his campaign released four years of tax returns Wednesday night.
The documents, reported by Politico, show Santorum and his wife, Karen, earned more than $3.5 million from 2007 through 2010, but paid more than one-quarter of their earnings back in taxes. The most they paid in taxes was in 2010, when they earned $923,411 and paid an effective tax rate of over 28 percent.
Romney's 2010 tax returns show the former Massachusetts governor and wife Ann earned $27 million and paid a tax rate of 13.9 percent.
"I felt very successful in making money. Also, I was very successful in paying taxes," Santorum told CNN on Wednesday. "I think our tax rates were ... between 25 percent and 28 percent. You know, I do my own taxes and maybe I didn't have all the deductions and exclusions that I could have. But I was trying to be as straightforward as I could and paying the taxes I thought I owed."
New Gingrich's 2010 tax records, however, show he paid even more than Santorum in taxes, earning $3.1 million that year and paying back 31.5 percent.
The Santorums filed an adjusted gross income of $659,637 in 2007, that rose to $945,100 in 2008, $1.1 million in 2009 and $923,411 in 2010.
'We've been very blessed'
While the candidate acknowledged his success, Santorum was quick to point out that he has two children in college, a special needs child and a home that has lost 40 percent of its value.
"I took a lot of that money and actually paid down a rather significant mortgage to the point where ... my mortgage was still below the value of my house," he said. "And that's been a bit of a hit for us. And I have two kids in college and a child with a disability and needing care, so, you know, we've had some expenses and we've been very blessed to have the opportunity to be able to handle those and still be in the black.
The release does show the former Pennsylvania senator's wealth grew since he lost his re-election bid in 2006. The latest Republican to surge in the polls has disputed the notion he has cashed in from his time on Capitol Hill.
But shortly after the information was made public, Santorum sought to use it to play up the blue-collar background he speaks about so frequently on the campaign trail.
He referred to himself as a "grunt lawyer" in a Pittsburgh law firm before getting to Congress.
Santorum took a break from stumping in Florida last month before the Sunshine State's primary to return home to ready the documents that he himself files each year, never relying on an accountant.
He also points to his re-election loss as an opportunity for him to gain private-sector experience, something Romney has critiqued Santorum for not having.
"In many respects, I have to say the people of Pennsylvania didn't always give me what I wanted, but they gave me what I needed. And in retrospect, Piers, it was probably the best thing that ever happened to get away from Washington to give me a perspective on things," he told CNN's Piers Morgan.
"It was a really great opportunity to get a whole bunch of different life experiences in the private sector and I think it's made me a better candidate coming forward here for president," Santorum added.
Four years worth of tax returns is the most any GOP presidential hopeful has released. Ron Paul now becomes the only candidate who has yet to make his returns public.
Leave a Comment:
Wow, so many uninfored, misguided people in one spot, this must me an MSN group.
Romney paid exactly what he should have and every penny that can be asked of him to pay. While my income was no where hear his, after getting my taxes done 2 days ago I earned 87k in payroll income and 79k from investment income. While those 2 numbers are pretty close together I paid less than half of the taxes on my investments that I did on my payroll earnings. And guess what, in a few years, all of my income will be capital gains with no payroll and my tax liability will be even less while my income is more. That is how it works.
What most of the mouth breathers around here don't understand is that the money I used to invest was money left after paying taxes on it already from income, then paid taxes on the same dollars again after investing for a profit so much of my money was already double taxed just taxed a little less the second time around.
I do not and never will feel even slightly bad about being taxed twice. If people want to think I should pay more then they can go get an education and learn how things really work and exactly how unfair it is that you even get taxed on capital gains at all.
Romney paid exactly the same rate in his payroll earnings as anyone else and the same rate on his capital gains as anyone else. The only difference is in how much better he was at investing than most people were.
Let's also not forget that nearly half of all Americans pay no tax at all, no matter the rate they get large refunds and never pay a penny in taxes. Take the poster that said he made 12k for the year, he paid no taxes and if he says he did, he is a liar, plain and simple. If you own a home and make mortgage payments and make under 65k or so, you pay zero in taxes, if you have children on top of that, the governemnt actually pays you.
It is almost a sure thing that not a single poster above has ever actually paid anything in taxes in their lives and gotten refunds every year and then complain because others actually pay taxes.
Like Romney or not, his taxes should never be the reason since he pays his fair share and more than the majority of Americans by a huge margin. Only in a place like MSN can you find such obviously misleading and error filled reporting and only on MSN can you find the few people in the country not educated enough to realize it.
BTW, if you think of trying to tell me you pay more in taxes, you are a liar. Unless you make about 70k or more, do not own your home and make mortgage payments and are single or married without kids, you get a refund.
laffinatfools - Good for you - however the half you cite as paying no taxes - not entirely true - Federal Income Taxes yes - they earn at or below the poverty level, but they do pay other taxes - such as sales tax, gasoline tax and if they are fortunate to still own their homes - property taxes
Your not being 'double taxed' and you know it. Your capital gains is taxed only on the profit not the original capital. You're right, there are some mouth--breathers on here and they might believe you. But some of us do understand taxes so stop with the misrepresentations.
Well
The off shoring stuff is a bit troubling to me, but the singular issue that I find a problem is "carried interest" piece
Personally I find this another special interest tax loop hole that should be gone
In the end, while we clearly need to cut spending in many many area defense adjust enticements aggressively go after waste fraud etc, we still need to increase revenue to get or debt budget gdpcback in balance
Even with many many fairly done cuts we have cut revenue producing rates in many ares to the point we can not pay for the things that the majority of folks want and support on all side
We really have no long term choice but to gather more revenue and reverse many of the loopholes and reduction in revenue intake that has occurred over the last 2 to 3 decades
You paid taxes on what you earned in capital gains, not what you invested. So that money wasn't double taxed.
With that said, congratulations on your planning and success. I commend you for that. And hope more of us can get there.
Well you tell me Steve other than cheating a community in western Pa. out of money so his children could go to private school. We pay stuff on our own in the state of Pa. You tell me something Steve-3200687 what if any good thing can you tell me that Santorum did good in Washington? Huh Hmmm dont think to hard cause you aint gonna find anything.
it seems msnbc is ramping up it's articles to help promote obomas class war fare agenda. can't wait to see what is ahead for us.
I would vote for three legged dog with the mange before I would waste my time with Obama he is more usless than Jimmy Carter
bill,,,AMEN!!!!
HAHA, that is funny. You know this is almost cute!
Bill and thunder sitting in a tree....
Finally, Somebody Thundernumber can understand. lol..too funny. HEY!! Really, I'm actually laughting here :)
Our elected leaders are all liars and crooks with the challenge being determining the least of evils. The best way to do this is to have a lottery pull with their names in box.
Some believe the one with the longest nose usually is the worst fibber. Pinocchio wouldn't have chance in this contest of truth benders. Throw them all out or in jail.
So? Who cares who pays what. I don't. I just want EVERYONE to pay! FLAT tax folks FLAT tax............
I agree. I'm willing to pay a flat tax. I've always gotten money back. That's nice, but I would be willing to forgo that to keep our debt under control. I would hope that most Americans would be willing to do the same.
IdahoBen:
How in the world does a flat tax, that requires you to pay more so guys like Steve Forbes and other liars like him can pay less? Makes no sense. Which is why, I'd bet, you listen to fox noise for the truth....
Just because someone decides to wake up each morning and GO TO WORK doesn't mean they should pay more? How bout those lazy azzez get up and do something. Like wash my car, mow my lawn. I give them a paycheck each month they should do something for me!
There was a mention of maybe and the word thought , he chose his jobs and got paid what he was qualified for , Romney chose business over politics when Santorum chose politics , you get paid for your knowledge and professionalism , being smarter pays better . A doctor and a landscaper can't be paid the same .
Um ok:
Rock Musician and a Doctor?
Football player and a Preacher?
Baseball player and a Scientist?
Trust fund baby and a Engineer?
Although I do believe the smarter person should get paid more, that simply isn't the case. I mean, if it were the Republican's would have about 10 percent of the vote since the top 10 percent is all they really care about. Luckily, for them, their are plenty of idiots eager to jump-up and defend the wealthy by donating a large portion of their incomes to taxes so the wealthy can keep theirs.
asimpleidiot,,,let us look at your lists and who are the ones that go through the doors of the white house more? The Rocker/rap idiot or the football player/national felon league or the baseball player, or trust fund baby/oBAMAfundraiser! This is the class of the democratic party that your prophet hussain oBAMA is most likely to run the country with!!
Honestly Thundernumber, I don't understand what you are typing. I said fingers, not feet!
Why are you people crying over these two when you have congress a senate and a president who will sell us down the river to the highest bidder they are all crooks and liars. Term limits are needed plus vote every incumbent out of office I would like to hear some new lies for a change.
bill - We already have term limits - House of Representatives 2 years Senate 6 years President 4 years
If you don't like your representative don't vote for them
If these people are playing by the IRS rules, it is pretty irrelevant what tax rate they are paying. Romney's lower tax rate was based on the fact that he had little or no earned income, but mostly income from capital gains which is taxed at a lower rate.
If you don't like the rate they paid, don't blame them, blame Congress...they are the ones that made the rules (or at least approved them).
This whole argument about income and taxes doesn't have a thing to do with whether they are fit to be President. Why don't people start talking about the real issues!
Well said. Unless someone can show they cheated it's immaterial.
I don't like anyone running on either side, but the media conveniently continues to gloss over the fact that most of Romney's income is capital gains, not employment income. That rate is taxed at a lower rate, PER the current tax law. It is what it is. After all, capital gains have already been taxed once. We in America love, and apparently tolerate, our double and triple and quadruple taxation (i.e. the stupid estate and gift taxes).
Cy Brown - Romney has a $100 million gift tax to his four sons and paid zero taxes and as far as estate taxes it was lowered under Bush - I believe you pay zero taxes under $500,000 and is at 6 or 10 % above that
Actually the CAPITAL has already been taxed but the GAINS is now taxed (usually at 15% if it's long term). It's not double taxation.
I agree with Rafferty that Rick Santorum is far to the right of most Americans. He wants to see Rick Santorum against Obama because he knows without a doubt that Obama vs Santorum would be a disaster for Republicans. Santorum is way too far too the right and he would not be able to hold any mainstream Americans. In my opinion, Rick Santorum has just as much government involvement, but to the other side. He would have us push abortion underground and make it completely illegal in all circumstances. We don't need a president who will hold his ground no matter what the congress puts forth. We need a president who can work with Congress and is willing to speak for all of America, not the small minority of Americans who hold those ultra-conservative views. This is from a moderate conservative who is getting a little tired of politics in general.
I have my favorite but will COMPLETELY support whoever goes against this puke of a moocher loveing socialist lib status president!
I would be glad to see a president that fights for life!!!!!!!!!!!!!!!!! GO SANTORUM GO!!
AWAY!!!
Char
So you are a one-issue voter? So you are ok with electing a President, the most powerful person on the planet, based on how he feels about abortion?
1) you do realize even the President can't just change abortion laws or SCOTUS rulings?
2). You don't care what kind of foreign policy stances the man has? The person who has their finger oh the 'button' and could start WWIII?
3). You don't care what the rest of his domestic policy is, tax reform, spending, welfare reform?
If that's true, then you are a fool. And voters like you are the problem with our country. I don't care who you vote for but to go no further than one issue in making you decision is just plain wrong.
We don't need the person who is the best contrast to President Obama, we need the person who will best REPLACE President Obama.
Hey everyone.....vote for Santorum....he pays taxes....I quess that qualifies him to be president!!!
Hey everyone,,,It would be better then a socialist lib moocher oBAMA!! The one that puts tax cheats like lil timmy ahead of this countries spending!!
yea president of a church then They can go EXMPT
GO SANTORUM!!!!!!!!!!!!!!!!! May you make it to the top and beat Obama!!!!!!!!!!!!! 
GO SANTORUM!!!!!!!!!!!!!!!!!!!! an easier road to Obama's second term in 2012!
Let's be honest here. The only thing that Mitt really cares about is his entitlement to be President because he has so much money and because he wants to exceed his late dad. It really is all about Mitt and not about us. He also has a nice warm feeling for other corporate raiders(the Needy!) and his country club buddies and for his fellow Mormons. About the rest of us, he could give a crap. He will lie to us to get our votes, which is just another sign of how much he disrespects us ordinary people.
Vote Mittens in 2012: Great for the creme de la creme, not so much for the rest of us.
a
I agree with Romney: Why would you want to pay anymore taxes that you are required? And do you really want a president that is too stupid to understand the tax laws? Or if you do not understand the tax laws surround yourself with smart people that do. When you pay more than is required that is a gift to the U.S. Government, and we all know how they handle money. Your gift would be better served going to the church or Red Cross or any other charitable origination. (see Bill Gates)
The difference is Rick Santorum EARNED his money. Mitt Romney INHERITED his. So much for Romney the COMMON man.
Teascum: Well, santorum actually earned his money either as a "public servant" while a US senator, or as a lobbyist, using all the contacts he'd developed as senator to cash in. Regardless of who gets hurt by his lobbying efforts, he got his, the good old Republican way.
teascum, stop spreading lies. Romney didn't inherit his money, he earned it. Are you just jealous because you don't have the skills or knowledge that he has?
This points out the liberal mindset. And that MSNBC is an arm of the demcrat party. Here is a quote in the article "Newt Gingrich's 2010 tax records, however, show he paid even more than Santorum in taxes, earning 3.1 million that year and PAYING BACK 31.5% If this doesn't tell it all. It is not THEIR money, it is the governments money. Gingrinch did not TAKE money from the government. He earned the money and the government TOOK money from him. The government did not give Gingrich money for him to PAY BACK. Unbelievable.
Your post shows the selfishness of the conservative agenda. The assumption that the gov't "took" anything is pure selfishness. It is my patriotic and moral obligation to pay my taxes. Do I want to give 100% in taxes, of course not. But I don't see contributing to part of what makes this country the best country in the world isn't a negative in my life.
cheap,
im having a hard time following your logic here.....??? this was a GOOD mark for Gingrich...you right wingers are in such a "spin against the libs" mode that you cant even see what is written right in front of you.....people like you make me fear for this country!
Like I care. They are unqualified, ciorrupt douchebags, and can suck it.
The number of people on this site, or in the US for that matter, who do not understand the difference between personal income tax and capital gains tax, and why taxing capital gains the same as personal income, not only is amazing but frightning. Truly scary.
Well the average taxpayer just doesn't have any experience with capital gains because the only investments they have are tied up in 401ks.
What is just as scary to me is that even people who pay capital gains tax still represent it as double taxation.
I don't know what it exposes the most, the ignorance of the average taxpayer, the lousy pay of the average taxpayer, or the complication of the tax code. Combination of all three I suppose.
That's because you're deluded or perhaps delerious as to GCT and what it actually means and with regards to economic growth ... that is, as it only pertains to the 1% or as right-wing wackos call *the jobs creators* who don't pay any tax anyway due to tax havens and loopholes because it's much more profitable to pay accountants to do so ...
Anyone who doesn't understand the difference between capital gains tax and income tax is an idiot. This article is another piece of the NBC/OBAMA propaganda.
Dg, as I said just above, the average taxpayer has no capital gains income. Why would they know much about it?
It's not much different from being unfamiliar with specific business tax rules when they don't apply to your business.
Calling them idiots is out-of-line.
Income is income....end of story.
The right says raising capital gains takes away the incentive to invest. But you don't hear them saying higher income taxes takes away the incentive to work. You won't hear that argument because they don't believe it and wouldn't care if it were true.
At the end of the day, people will seek wealth regardless of tax rates.
(Jeb) Bush/Pailin 2012
Dumb and Dumbest
Palin 2012-2014
1/2 Term President
Traditional Values
Less than traditional Dedication!
OBAMA 2012
Amazing thing is that we never had the tax discussion until a huge majority of middle class jobs are gone to other lands...Sure remove those job and you have the $8-10 an hour jobs and the people like Romney and Santorum.
Not to hard to figure out folks
The media have a field day in scrutinizing Republican candidates on their taxes. How about checking some high profile Dems and most of all who are these people who pay nothing in taxes?
Yeah, Dems like Charlie Rangel and Maxine Waters.
And don't forget John Kerry trying to cheat the Commonwealth of Massachusetts out of $750,000 in taxes on his new multi-million dollar yacht!
Or the Kennedys offshoring their money.
I wonder if Congressman William Jefferson (D) paid taxes on that $90,000 they found in his refrigerator before they sent him off to jail?
For those of us Liberals cheering the idea of running against Santorum, hold your horses. The biggest difference between Romney/Gingrinch and Santorum is that Santorum is personable. Those of us here follow politics year round but for a great deal of those independents voters who vote on likeability may vote for Santorum because he seems like a nice guy.
bear,
as an independent, the "likeability" goes out the window as soon as you actually listen to what is coming out of his mouth!
I agree, but I think there's a lot of people who will see Obama as too liberal and Santorum as too conservative making them both a wash on the issues.
Then they'll vote on who they'd rather see on tv for the next 4 years. Likeability is also a wash since both guys seem to be nice, down to earth guys minus politics.
Not that they don't like Obama but after 4 years of fighting, they may think Santorum would bridge the divide.
I pray this doesn't happen but it's something to think about.