Rick Santorum released four years of tax returns of earnings he has made as a consultant after leaving Congress in 2006. During that four year period Santorum earned a total of $3.6 million. Although not quite as wealthy as Mitt Romney or Newt Gingrich, consulting work after his departure from the Senate has made him wealthy.
He indicated yesterday during an interview on FOX News that his house value had dropped by 40% and that he had to pay off a good portion of his mortgage to lower his mortgage payments. During the same interview he also discussed the contraception issue, where he acknowledged that despite his personal views he voted for contraception coverage. Democrats and some Republican pundits have commented that his stance on contraception, abortion and gay marriage would prevent him from defeating President Obama during a general election.
Santorum has presented himself as a social conservative with a coal mining family background. This has won him the appeal by the working class, especially in Pennsylvania.
His tax returns indicate that he earned $660,000 in 2007 to $1.1 million in 2009 before slipping to $923,000 in 2010. His relative tax rate was approximately 28%, much higher than the 12-15% paid by Mitt Romney on his investment income. In 2008 he claimed depreciation on an Audi A luxury model, which he used for travel in his consulting capacity. A year earlier he claimed depreciation on a Chevy Trailblazer. Audi’s are not build in the United States, but primarily in Neckarsulm and Ingolstadt, Germany. Environmentally the switch from a Trailblazer to an Audi makes sense though.
His federal tax return indicates
income tax payments rose from $167,000 in 2007 to $310,000 in 2009 and then dropped to $263,000 in 2010.
While Santorum released fours years of tax returns, both Mitt Romney and Newt Gingrich only released one year. Ron Paul has not released any returns and has no intention to do so.