China: Gingrich releases tax information

PJ: I'm simply amazed by the shenanagans of the current crop of republican presidential contenders. What exactly do they stand for? Family values or no family values? Traditional open marriage? Paying lower taxes equals good...paying higher taxes equals bad?

Gingrich proudly shows that he has paid more taxes than Romney. But wait, Gingrich believes that all taxes should be lowered to the rate that Romney pays. The GOP believes that all citizens pay too much in taxes and they also support the idea that it is OK for the rich to pay less than the middle class or poor--they call these people the 'job creators' whether they create jobs or not. And yet, the idea that Romney, who is rich, pays less than Gingrich, who is also rich, is somehow a bone of contention. If republicans think that all people should pay the rate that Romney pays and Romney has acheived that rate then shouldn't he be a hero to them and not the demon that Gingrich paints him? Maybe they should rename the GOP the GHP: Grand Hypocrisy Party.

Xinhua

U.S. Republican presidential candidate Gingrich releases tax returns

COLUMBIA, the United States, Jan. 19 (Xinhua) -- U.S. Republican presidential candidate Newt Gingrich released his 2010 tax returns Thursday night as the final debate before the South Carolina primary got underway.

The tax returns showed Gingrich and his wife owed federal taxes of 994,708 U.S. dollars , or 31 percent of their income, on an adjusted gross income of over 3 million dollars.

The Gingrich campaign said 613,517 dollars of the tax amount owed had been previously withheld or otherwise paid, and the couple paid the remaining balance of 382,734 with their filing.

The filing showed the couple's wage and salary income was about 450,000 dollars. They also earned over 40,000 dollars from speaking and board of directors fees.

The biggest portion of their income, over 2.5 million, is from partnerships and S corporations, a type of corporation that does not pay federal income taxes, but divides income or losses among shareholders, who in turn report the income or loss on their own individual income tax returns.

Gingrich's tax returns release comes as the remaining four GOP candidates are facing off in their last debate before the South Carolina primary, the first one in the South, gets underway on Saturday.

Former Massachusetts governor Mitt Romney, the billionaire frontrunner in the race, is facing increasing pressure to release his own tax returns.

Romney, when pressed on the issue during the debate in Charleston, South Carolina, said he would release his tax returns if he becomes the Republican nominee.

Editor: en_hl

http://news.xinhuanet.com/english/world/2012-01/20/c_131370344.htm