Will Republican candidates have to pay the millionaire's tax?

Republican presidential candidates from left, former New Mexico Gov. Gary Johnson, former Pennslyvania Sen. Rick Santorum, former House Speaker Newt Gingrich, Rep. Ron Paul, R-Texas, Texas Gov. Rick Perry, former Massachusetts Gov. Mitt Romney, Rep. Michele Bachmann, R-Minn, businessman Herman Cain and former Utah Gov. Jon Huntsman gather prior to a debate, Thursday, Sept. 22, 2011, in Orlando, Fla. (AP Photo/John Raoux)

/ John Raoux

In arguing for higher taxes on the wealthy, President Obama likes to say that it's people like him who can afford to pay a little bit more. Turns out, he's talking about several of the Republican contenders for his job as well.

In a speech earlier this week, Obama floated the idea of a "Buffett Rule," named for billionaire investor Warren Buffett, which would create a minimum tax rate for individuals making more than $1 million a year. Though the White House has yet to announce a formal plan, a National Journal analysis of the financial disclosure filings of seven of the top Republican candidates show that at least half stand to be hit by the kind of tax the president is proposing.

Former Massachusetts Gov. Mitt Romney and businessman Herman Cain both reported a minimum income of more than $1 million in 2010. (Candidates are required to report only ranges of income, not exact numbers.) Romney earned between $9.6 million and $43.2 million from a variety of sources: a diversified portfolio of stocks and bonds, profits from his book, No Apology: The Case for American Greatness, and speaking fees. He also earned tens of thousands of dollars from Bain Capital, the private equity firm he co-founded in the mid-1980s.

"I think the important point here is that Gov. Romney has put out his own plan targeted to providing relief for the middle class," said Andrea Saul, a spokesman for Romney. "As president, Gov. Romney will hold the line on individual income tax rates and eliminate taxes on interest, dividends, and capital gains for low- and middle-income taxpayers."

Cain, who made his fortune in part as the owner of the Godfather's Pizza chain, reported earning between roughly $1.2 million to $3 million in 2010 in salary from Cox Radio, various board director fees, and a diverse stock portfolio, including a large profit from the sale of about 8,000 shares of Coca-Cola Company stock. He got almost $54,000 from the pizza company in 2010.

Two candidates--former Utah Gov. Jon Huntsman and Texas Rep. Ron Paul--may or may not be hit by a millionaire's tax. Huntsman's estimated $689,000 to $5.5 million last year came mainly from shares in the Huntsman Family Holdings Company, various bonds and his equity portfolio. Paul earned an estimated $401,000 to $1.4 million in 2010 in large part from various gold and mining corporations, fitting for a candidate who has called for a return to the gold standard as part of his campaign platform. Paul earned $174,000 in salary as a member of Congress.

Three candidates almost certainly would not be hit by any sort of millionaire's tax rate based on their 2010 income. Rep. Michele Bachmann of Minnesota reported income of an estimated $187,000 to $217,000 that year, according to her congressional financial disclosure statement, principally from her salary as a House member and the Bachmann family psychotherapy business and a stake in a family farm run by her in-laws. Former House Speaker Newt Gingrich earned between $91,000 and $236,000 from various sources, including a rental property in Wisconsin, money from a few foundations, and numerous stocks and investment funds.

Texas Gov. Rick Perry rounds out the trio with an estimated $156,000 to $235,000 in 2010, almost entirely from his $150,000 salary as governor, according to Texas public disclosure filings. He also reported between $10,000 and $24,999 in interest income from dividends, royalties and rent. Perry earned, as well as lost, a few thousand dollars in stocks.

Perry, Bachmann, and former Pennsylvanian Sen. Rick Santorum all have extensions on their presidential candidate disclosure paperwork.

While the filings offer a broad picture of how the 2012 Republican field might be affected by the proposed tax, they do not provide the kind of specificity necessary to determine actual taxable income. For instance, unlike on their tax forms, candidates are not required to report mortgage deductions and other adjustments that would affect income subject to federal taxation. Additionally, candidates are not required to differentiate among different types of dividends and capital gains, some of which are taxed at a lower rate than income. Moreover, the White House has yet to provide detail about how the tax would be applied.

[miami_don]

Fair and equal taxes. Isn't it ironic that the Party which started out the opening of Congress by reading the Constitution cannot understand that the reason there is a Constitution is because of taxation without representation.

These folks need to stop waving the flag while proclaiming at the top of their lungs how American they are. It is a con job.

If the TEA Party (a.k.a. Republicans) meant what they say they stand for the current tax system would have already been overhauled. It is unfair and unrepresentative of how much is paid in versus how much is earned. They have stacked the cards against the working class and they know it.

But every time there is a bill in Congress to help the populace they roll out the dog & pony show against government spending while letting the banks and big business rob us blind. . While every day the snow job artist of disinformation, innuendo, and flat out lies are produced by the best of the Wall Street Publicity firms that money can buy.

The bad part is these folks have lived in their Ivory Towers so long they believe their own lies.

[DebbieCorona]

This question is silly. 1) They all have accountants that move/hide their $$ so no the "GOP candidates" would not pay. 2) None of them DEM/GOP/TEA give a hoot about the middle class. I think the Buffet Tax is a good one. Do I think it will solve all of the problems? Nope but it is a step in the right direction. Where the GOP/TEA fails is that they are locked in on cut spending only and that is a basic accounting flaw. It requires cutting and spending in the form of investment. It's funny to me that all of these candidate "invest" all of the time in their personal holdings and yet they don't see that as spending/cost. It's only a cost when it involves the people with beating hearts. The corporations are people too my friends are not viewed as spending/cost, "those people" are investments.

[panjok2]

You people all watch...Rick Perry is who the real powers in this world want for the nomination and that is why no matter how bad he does on stage...he will be the one who makes it! I can see he is a polished politician that they have choosen and no matter what the media will make him out to be the one we all want! The media in this country is nothing more then a propaganda machine for the few people who really run this country! We are all fools to believe that any one... other than who they want as president... will win

[slatep]

Probably not.

Congress has legislated themselves some of the best loopholes to protect themselves from the problems every day Americans face.

They consider themselves so special they have set up their pensions so they can live relatively comfortable lives intil the day they die.

The have arranged it so they and their families will never have to worry about medical bills now or in the future.

This way they avoid being paid for what they have actually earned; and that's a very good thing.

I'd hate to see what their incomes would be if they were paid what their worth.

[panjok2]

Just like they are free from having to worry about sexual harrasment! Also isn't it funny how Ron Paul had 70% on about 13 different polls after the debate a few weeks ago and no one mentioned it? All other candidates combined couldn't beat him yet no one reports on it! There is something that really stinks in this country! They seem to always attack Ron Paul or not mention him at all! This reporter didn't attack anyone but Ron Paul over his having money in gold! I bet if you researched all the others or just wait...each one of them has strings that will lead to bills they have passed that helps their portfolio out! Ron Paul is the only one who does what he says and can't be bought period!

[tsigili]

There are far fewer millionaires in this country, than most people really think, even among the GOP.

I think the eye opener there, is that Romney claims to be a jobs creator in his "businesses" which now appear to be primarily investment companies. That to me, is not about creating real jobs, in real businesses, as that is really about manufacturing, and not investments.

I see I am basically right about Romney, he is a Democrat, running as a Republican, and deliberately misleading the public, about his "job creation".

[DEMANDTG]

Why isn't there any mention of Gary Johnson?

[snertly-2009]

As a population, congress has a significantly greater percentage of millionaires than the citizens at large.