Read as much as you want on BostonGlobe.com, anywhere and anytime, for just 99¢.

Bruins Live

3

2

3rd Prd 14:39

Patriots Live

17

16

Final

Newt Gingrich reveals his income tax rate of 31 percent

Newt Gingrich spoke at an event in Winnsboro, S.C., today.

Pablo Martinez Monsivais/AP

Newt Gingrich spoke at an event in Winnsboro, S.C., today.

Former House Speaker Newt Gingrich paid 31 percent of his income in federal taxes in 2010, Gingrich told reporters today.

The Associated Press reported that Gingrich revealed his tax rate while speaking to reporters in South Carolina. According to the Congressional Budget office, 31.2 percent was the effective tax rate on income for the top 1 percent of earners in 2010.

Continue reading below

That means Gingrich’s rate was twice as high as the rate paid by former Massachusetts Governor Mitt Romney, who said yesterday that he paid taxes at a 15 percent rate. That indicates that Romney’s income is mostly profits from his past investments, which are taxed at a rate of 15 percent. Gingrich, apparently, is paying taxes mostly on earned income, which is taxed at between 10 and 35 percent, depending on the total income of the earner.

According to the Associated Press, Gingrich said, “My goal is not to raise Mitt Romney’s taxes, but to let everyone pay Romney’s rate.”

Gingrich’s tax plan would give everyone the option of paying a 15 percent flat tax.

Gingrich has said he will release his tax return for 2010 on Thursday. Romney has said he will release his 2011 tax return in April.

Shira Schoenberg can be reached at sschoenberg@globe.com. Follow her on Twitter @shiraschoenberg.
Loading comments...
Subscriber Log In

You have reached the limit of 5 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com