Newt Gingrich released his tax 2010 tax return last night, revealing that he paid nearly $1 million in taxes on more than $3 million in earned income. Below we've taken a snapshot of the first page of his report. Here's the full thing.
Newt's famously grandiose comparisons to historical figures paint him as an exceptional human being, and when it comes to both earnings and taxes, there is no room for debate: He really is.
Gingrich's income is firmly within the top 0.1% of all earners. In 2011, the cut-off for the top 0.1% of households was $2.9 million, a few hundred thousand dollars below the Gingriches' joint filing. But a 31 percent effective tax rate is similarly exceptional. No surprise there, since Gingrich belongs to the group with the highest average effective tax rate: Those earning between $2 million and $5 million. After that, ETR slides a bit as investment income (which is taxed at a lower rate) makes up more and more of average total income.
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