ABC News’ Michael Falcone and Shushannah Walshe report:
Presidential candidate Rick Santorum, who frequently touts his humble roots as the grandson of a coal miner, earned an average of more than $900,000 each year between 2007 and 2010, according to the candidate’s tax returns released on Wednesday.
His adjusted gross income varied from about $659,000 in 2007 to more than $1.1 million in 2009. In 2010, Santorum earned $923,411.
According to the IRS-1040 forms released by the Santorum campaign, the former Pennsylvania senator paid an effective tax rate of roughly 28.5 percent in 2010.
That is a substantially higher rate than what Mitt Romney paid the same year, according to the former Massachusetts governor’s tax returns, which his campaign released in January.
The Santorums, filing jointly, had adjusted gross income of $659,637 in 2007.
That went up to $945,100 in 2008, about $1.1 million in 2009 and $923,411 for 2010.
The documents show Santorum earned the bulk of his income by consulting and doing public speaking for Excelsior LLC. His financial-disclosure forms show he has also earned income as a political pundit and member of corporate boards.
Tax returns became an issue in the GOP campaign when Romney declined to release his immediately. The multimillionaire did release his 2010 return and an estimate for 2011.
Romney's documents showed he paid an effective tax rate of 13.9% on adjusted gross income of $21.7 million in 2010.
Much of Romney's income comes from capital gains and dividends, which are taxed at 15% and not the top rate of 35% for wages and ordinary income.
Presidential candidate Rick Santorum, who frequently touts his humble roots as the grandson of a coal miner, earned an average of more than $900,000 each year between 2007 and 2010, according to the candidate’s tax returns released on Wednesday.
His adjusted gross income varied from about $659,000 in 2007 to more than $1.1 million in 2009. In 2010, Santorum earned $923,411.
According to the IRS-1040 forms released by the Santorum campaign, the former Pennsylvania senator paid an effective tax rate of roughly 28.5 percent in 2010.
That is a substantially higher rate than what Mitt Romney paid the same year, according to the former Massachusetts governor’s tax returns, which his campaign released in January.
The Santorums, filing jointly, had adjusted gross income of $659,637 in 2007.
That went up to $945,100 in 2008, about $1.1 million in 2009 and $923,411 for 2010.
The documents show Santorum earned the bulk of his income by consulting and doing public speaking for Excelsior LLC. His financial-disclosure forms show he has also earned income as a political pundit and member of corporate boards.
Tax returns became an issue in the GOP campaign when Romney declined to release his immediately. The multimillionaire did release his 2010 return and an estimate for 2011.
Romney's documents showed he paid an effective tax rate of 13.9% on adjusted gross income of $21.7 million in 2010.
Much of Romney's income comes from capital gains and dividends, which are taxed at 15% and not the top rate of 35% for wages and ordinary income.
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