Mike Pence releases tax returns showing that he made $113,026 last year and gave 8% to charity - but Trump continues to hold back

• e-mail

Republican vice presidential candidate Mike Pence released a decade's worth of tax returns Friday, revealing a much more humble lifestyle than his boss.

The Indiana governor's documents reveal that he and wife Karen made $113,026 last year, mostly from their own income, and paid $8,956 in taxes - an effective tax rate of 7.9 per cent, The Wall Street Journal reported.

Pence promised to release the documents a month ago - unlike Donald Trump, who is still holding back, citing an IRS audit.

Republican VP candidate, Indiana Governor Mike Pence, released tax records showing that he and his wife made $113,026 last year - putting them in the top 20 per cent of the country

Support: Pence and his wife drew $40,000 out of a retirement account in 2014 to pay for their kids' colleges. From left to right: kids Michael, Charlotte and Audrey Pence

The Pences also made almost $9,000 in taxable income from federal pension, but lost $3,458 to 'That's My Towel Charm,' Mrs Pence's struggling business that sells charms to identify individuals' towels on beaches.

They lowered their tax payments by deducting $2,500 in student loan interest and $8,923 in charitable donations. They also received $5,000 in education tax credits.

Their income puts them in the top 20 per cent of the country, with a 7.9 per cent tax rate that's slightly under the average for that bracket.  

Pence's income topped out at $187,000 while he was still a member of Congress.

Other details that were revealed include $40,000 being taken out of a retirement account in 2014.

A spokesperson said the money was used to pay for their children's college education. 

Family: Pence and wife Karen (far right) with their kids. In 2015 Karen lost $3,458 on her business, which sells 'charms' to identify towels. The couple also gave $8,923 to charity

The Trump campaign claimed that over the past decade Pence paid a state and federal tax rate that ranged between 10 per cent and 16 per cent.

An analysis of just his federal taxes shows he paid an effective rate between 6.4 and 12 per cent, based on his family's adjusted gross income.

The family has donated 10 per cent of their take-home pay to charity, the campaign said, which reflects an average 7.4 per cent of their adjusted gross income.

Pence has never been outrageously wealthy, compared with his peers.

During his time in Congress, Pence carried four mortgages on his homes in Indiana and northern Virginia. 

When he left Congress in early 2013, he and his wife's net worth, excluding the value of their Indiana home, was less than $300,000, according to calculations based on his federal financial disclosures.

The average net worth for Pence's fellow members of Congress at that time was more than $5million. 

When he left Congress in 2013, the net worth for Mike Pence and his wife was $300,000. The average net worth for other congress members at that time was more than $5million

As US vice president, Pence would earn more than $230,000 per year - considerably more than he has made in the past decade.

'The Pence family has been honored to serve their state and their nation for the past 16 years, while raising three great children and putting them through college,' said Marc Lotter, Pence's spokesman. 

'These tax returns clearly show that Mike and Karen Pence have paid their taxes, supported worthy causes, and, unlike the Clintons, the Pences have not profited from their years in public service.'

On Thursday Pence said 'for too many in Washington ... politics seems to have morphed into a rigged game of self-enrichment and cronyism.'

Speaking at the Ronald Reagan Presidential Library in Simi Valley, California, he later lamented that politicians can come to Washington with modest means but 'emerge as millionaires' by auctioning access and profiting off policies.

'Americans are fed up with Washington's self-enrichment racket,' he added.

Pence promised to reveal his tax returns last month. Donald Trump has so far refused to release his, citing an audit - although the IRS says he can still release the returns

'We're pleased to see that one member of the Trump ticket has decided to meet the long-held threshold for disclosure in a modern-day presidential campaign,' said Christina Reynolds, deputy communications director of Hillary Clinton's campaign.

'But it's Donald Trump - who just this week attacked America's generals and showered praise on Russia's authoritarian leader - running to be our next president.' 

Clinton has raised questions about what Trump may be hiding by refusing to release his taxes and has wondered whether he is worth the $10billion he says he is. 

Major-party presidential nominees have publicly released their taxes since 1976, but Trump is the exception. He has said he is waiting for the conclusion of an audit.

Last month Clinton released her own 2015 tax return, adding to the records dating to 1977 she previously made public. Her running mate, Virginia Sentor Tim Kaine, also released ten years of tax returns last month.

Trump, meanwhile, said in an interview on Fox News this week that he would release his returns if Clinton releases all the emails she sent from a private server when she was secretary of state.

Since joining the ticket, Pence has made jokes about his own net worth - especially when compared to Trump. 

This week, he said of his boss: 'I always tell people - I mean, but for a whole lot of zeroes, he and I have an awful lot in common.'

Hillary Clinton has suggested that Trump doesn't want to release his returns because he is worth less than the $10b he claims