Politics

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.

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.

Advertisement

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.”

Get This Week in Politics in your inbox:
A weekly recap of the top political stories from The Globe, sent right to your email.
Thank you for signing up! Sign up for more newsletters here

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.