The Race for the White House: A Look at Campaign Finances

Posted on 02/27/2012

The GOP race is heating up and narrowing down. On March 6, also known as Super Tuesday, voters in ten states will head to the polls for primaries or caucuses. In addition to finding out where each candidate stands on top issues like the economy, education and national security, many voters are looking at the numbers to investigate how much each candidate is spending, what they pay in taxes and just how generous they really are.

Campaign Contributions According to The New York Times, Barak Obama has raised nearly double of any Republican candidate. He’s taken in $151.4 million. Mitt Romney is leading Republicans in campaign contributions. He’s received nearly $64 million. Next in line is Ron Paul with less than half that at $31.1 million.

Mitt Romney’s Tax Returns
According to tax returns released by candidates most of them are making much more income than the average Joe. For instance, Mitt Romney’s tax returns reveal that he made $20.9 million in 2011, nearly all investment income. He paid roughly $3 million in taxes, which according to reports is a 15.4 percent tax rate. It’s also important to note that Romney actually gave more to charity than he paid in taxes, giving away around $7 million over two years.

Rick Santorum’s Tax Returns
Rick Santorum recently released four years worth of tax returns, showing in 2010 he earned $923,000, paying $263,000 in taxes. That’s nearly a 30 percent tax rate, almost double compared to Mitt Romney.

Newt Gingrich Tax Returns
Newt Gingrich gladly released his 2010 tax returns back in January. The 46-page document shows that his adjusted gross income topped $3 million. He paid a total of $994,708 in federal taxes and donated more than $81,000 to charity.

Ron Paul Tax Returns
Don’t expect to see Ron Paul’s tax returns any time soon. Ron Paul announced during a CNN debate last month that he won’t release his tax returns because he says he’d be embarrassed by making his low income public. He also says he doesn’t interact with lobbyists so he has no conflict of interest that may show up on other candidates’ tax returns.

By Alison Storm

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