February 18, 2012

Santorum’s Tax Returns Could Affect His Campaign

Experts were surprised when presidential candidate Rick Santorum released four years of tax returns this week.  Although he earned less than his republican rival Mitt Romney, he paid at a higher rate.

The details of his tax records showed that he and his wife Karen earned more than $3.7 million over the last four years (2007-2010) and paid almost one-quarter of it in income tax.

He made his millions as a corporate consultant and a media commentator after serving as Senator of Pennsylvania.  His earnings jumped from $600,000 in 2007 to $1.1 million in 2009. His 2010 tax return showed his income as $923,000.

In 2009, Santorum’s income tax rate was 28% while Mitt Romney only paid an effective income tax rate of 13.9% on earnings of about $27 million.

The release of Santorum’s tax returns could affect his campaign. During his campaign, Santorum has claimed to have close ties with middle-class blue collar Americans.

Expect to see Mitt Romney use Santorum’s tax records against him. He’ll try to label him as a “Washington insider” and not a friend of the working class.

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