Tax returns show Newt’s a 1 percenter, too

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A tad bit hypocritical, are we?

Or to be more accurate, a three-tenths of one percenter …

The 1040 tax return for 2010 that Newt and Callista Gingrich released Thursday night shows that they are very wealthy people – in the top three-tenths of one percent of all tax filers.

Their total income in 2010 was more than $3.1 million. Newt and Callista Gingrich paid nearly $1 million in income tax. Their effective tax rate is 31 percent.

In the most recent year for which IRS data is available, 2009, only about 62,000 individual income tax returns (out of a total of 140 million tax returns) reported adjusted gross income of between $2 million and $5 million. Those people had an average effective tax rate of about 25 percent. So the Gingriches paid at a higher effective tax rate than the average tax filer in their income bracket.
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And if Mitt Romney is correct in estimating that his effective income tax rate is 15 percent, the Gingriches paid at a higher rate than did Romney and his wife Anne.

Even so, Newt is now favored to win South Carolina on Saturday, thanks to a bit of race baiting, and two strong debate performances (mostly debating the moderators.) Newt is ahead in the latest PPP poll, and has the forward momentum going into Saturday. Tough week for Mitt, who also managed to lose the Iowa caucuses on Thursday.

Via The Reid Report.

Peter Schorsch is the President of Extensive Enterprises and is the publisher of some of Florida’s most influential new media websites, including SaintPetersBlog.com, FloridaPolitics.com, ContextFlorida.com, and Sunburn, the morning read of what’s hot in Florida politics. SaintPetersBlog has for three years running been ranked by the Washington Post as the best state-based blog in Florida. In addition to his publishing efforts, Peter is a political consultant to several of the state’s largest governmental affairs and public relations firms. Peter lives in St. Petersburg with his wife, Michelle, and their daughter, Ella.