US presidential runner Gingrich releases tax returns

Newt Gingrich. AP Photo

NORTH CHARLESTON–Republican hopeful Newt Gingrich released tax details for 2010 on Thursday showing he handed over a third of his income, in a deliberately timed move against rival Mitt Romney.

“The income tax return shows that for 2010, Speaker and Mrs Gingrich owed federal taxes of $994,708 on an adjusted gross income of $3,142,066,” said a statement published on Gingrich’s website.

Gingrich released the figures as a debate among Republican White House hopefuls candidates got under way in South Carolina where voters on Saturday will pick their nominee to take on President Barack Obama in the November elections.

The disclosure of the tax return, which amounted to 32 percent of income, contrasts with frontrunner Romney’s stance — he has not yet released details of his return, noting only that he paid around 15 percent in recent years.

Gingrich’s disclosure led CNN debate host John King to ask Romney, who is thought to have amassed a personal fortune of around $250 million during his time as a venture capitalist, when he would publish his tax return.

“When my taxes are complete for this year,” the former Massachusetts governor replied.

“And I know if I’m the nominee, the president’s going to want to insist that I show what my income was this last year and so forth.

“When they’re completed this year in April, I’ll release my returns in April and probably for other years as well,” he added.

Libertarian candidate and Texas congressman Ron Paul won applause when he chipped in that he had not posted his returns and would not do so.

“Hadn’t thought it through,” he told King. “I don’t have an intention of doing it. For a different reason. I’d probably be embarrassed to put my financial statement up against their income.”

Former senator Rick Santorum added: “They’re on my computer and I’m not home… And there’s nobody at home right now till I get home. When I get home.”