Tuesday, January 24, 2012

MR. GINGRICH, A QUESTION ABOUT YOUR TAXES

The media for over a week have been head over heels about Mitt Romney's taxes.  Yet, now analysts are looking back to Newt Gingrich's 2010 tax returns.  And, Mr. Gingrich you may have a problem.

Two tax analysts have identified a 'significant' red flag revealed on Newt Gingrich's 2010 tax return.  The finding was an attempt to 'structure' his personal non-wage income to reduce the impact of medicare taxes.  A line had been blurred as to whether this structuring concealed his medicare taxes through his company, Gingrich Productions, to avoid further impact on his personal taxes. This finding has been confirmed by Washington Examiner columnist Byron York.  York commented on Fox News' Cavuto Show, "Gingrich may be hearing from the IRS."

Political analysts from the center and right questioned Newt Gingrich's tactic of raising the ire of skepticism on Romney's tax release last week.  Apparently, while Gingrich released his tax return, his intent was to pump up the media on Romney to deflect from questions on his own tax return.  

Here's a quick look at the returns for Gingrich and Romney.  In 2010, Gingrich's income was $3.1 million, and paid $995,000 in taxes with a tax rate of 31.6%.  Romney's 2010 income was $21.7 million and paid $3 million in taxes at 14%.  Romney made considerable charitable donations that reduced his tax burden.

Byron York asked a Gingrich campaign representative when more tax returns would be released by Newt.  The representative responded, "We'll release only what the Romney campaign releases."

Mitt Romney, as promised, released his tax documents to the public today.  Including his 2010 return and 2011 estimated taxes.  Romney released more information than any other candidate.  Gingrich has released only his 2010 tax return.  Neither Rick Santorum or Ron Paul have released any personal tax information to the public.

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