Gingrich, Romney Release 2010 Tax Returns

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The top two Republican candidates for president released new information regarding their finances.

Both the Wall Street Journal and the Washington Post received advanced copies of former Massachusetts Gov. Mitt Romney and former House Speaker Newt Gingrich's tax returns.

Romney reportedly paid about $3 million in federal income taxes in 2010 on an income of $21.7 million, which put him in the top 1 percent of the wealthiest Americans.

He also donated about $3 million to charity and to the Church of Jesus Christ of Latter-day Saints. His donations helped lower his effective tax rate to a modest 14 percent.

For 2011, Romney will pay about $3.2 million, with an effective tax rate of about 15.4 percent, his campaign said. His personal fortune is estimated to be between $190 million and $250 million.

The Democrats have already begun accusing Romney of being out of touch with normal Americans because of his vast wealth.

"I want to remind you where we know our riches are. Our riches are with our families," his wife, Ann, told supporters at a Florida rally Sunday.

For 2010, Gingrich made almost $3.1 million. He paid $995,000 in federal taxes.

The consulting firm Gingrich founded released additional information. The former House Speaker's contract with Freddie Mac shows he was paid a $25,000 monthly retainer fee in 2006 for a total of $1.6 million.

The agreement called for "consulting and related services," but made no mention of lobbying.

Gingrich also earned a $76,200 annual pension from his days in Congress and paid nearly $20,000 in alimony.

USA Today reported Monday that three tax attorneys said Gingrich may have left himself open to an IRS challenge because of the way his 2010 taxes were prepared.

The amount of unpaid Medicare taxes was estimated in the tens of thousands of dollars, which could be flagged for an audit, the newspaper reported.

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