Rick Santorum Releases Four Years Of Tax Returns

Rick Santorum released four years worth of tax returns from 2007 to 2010. For all four years, Santorum and his wife, Karen, filed joint returns. Their adjusted gross income was highest in 2009, at about $1.1 million, and went to about $923,000 in 2010.

In terms of taxes, the Santorums paid: about $167,000 in 2007, about $262,000 in 2008, $310,000 in 2009, and $263,000 in 2010. Their tax rate ranged from 29 percent to 25 percent over those four years.

While campaigning in North Dakota, Santorum made a statement about the release. As reported by Politico:

“I don’t have wealth. I don’t have investments. I don’t have capital gains,” said Santorum, who added that “most of the assets that I ended up building was paying down a mortgage on my house that went down in value.”

“So that’s where most of my money went. But as far as the tax rates were concerned, (Romney) had dividend income, he had capital gains income and was taxed at 15 percent,” he said. “I had …income, which was taxed at a higher rate.”

The Associated Press describes the returns as “detailing the trajectory of a politician who grew more prosperous in the Senate and became a millionaire afterward, at times capitalizing on his Beltway connections.”

Santorum’s income is less than that of Mitt Romney and Newt Gingrich (who made about $21.7 million and $3 million in 2010, respectively). He also released more years worth of returns than the two opponents.

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