Ned Lamont, the Democratic gubernatorial candidate, released tax documents on Friday showing an average adjusted gross income of $ 3.6 million over each of the past five years, primarily in investment income.
Over the five years, Lamont paid a total of $ 1.3 million in state income taxes and $ 3.5 million in federal taxes on adjusted gross income of $ 18 million. He sold his main business, Campus Televideo, in 2015.
His campaign provided copies of the summary pages of his federal and state income tax returns for inspection, but no copy. He filed separately from his wife, Annie Lamont, a successful venture capitalist, over the five years.
Republican Bob Stefanowski’s campaign said Stefanowski would provide similar information.
“Posting my tax returns provides more information than anyone in this race has shared with the people of Connecticut,” Lamont said. “It’s about transparency, openness and honesty with voters. Donald Trump has refused to release his tax returns, and so far Bob Stefanowski – who gave Trump an A rating for his job performance – has followed in his footsteps. “
Lamont was granted extensions and generally filed his federal returns in October.
He reduced his taxable income in most years by making large deductions that were not detailed in the summary documents. His campaign said he was paying an overall federal rate of 30% on all taxable income over the five years, while the top federal rate on capital gains was 23.8%. It paid the highest rate in the state, which was 6.7% in 2013 and 2014 and 6.99% in 2015, 2016 and 2017.
Lamont has made charitable donations of $ 2.5 million over the past five years. The recipients included the Edward M. Kennedy Institute for the United States Senate, the Biden Cancer Initiative, Bridgeport Public Schools, Central Connecticut University Foundation, the Boys & Girls Club of Hartford, the International Women’s Health Coalition and other causes.
In a federal disclosure form filed when he ran for the US Senate in 2006, Lamont and his wife reported a net worth of between $ 90 million and $ 332 million, much of which is attributed to Annie Lamont. There is no similar disclosure requirement for Connecticut state applicants.
Lamont spent $ 12.1 million on his campaign for governor. His previous campaigns for the US Senate and Governor in 2010 were also largely self-funded.
Stefanowski spokesperson Kendall Marr said Lamont inherited much of his fortune and was in touch with working-class voters. “To Ned, our tax burden may seem like a drop in the ocean, but for middle class families who will be saving thousands of dollars, tax relief is a big deal.”
Stefanowski said he would eliminate state income tax over eight years.
Oz Griebel, a petitioner candidate who was the former head of the MetroHartford Alliance, released three years of statements last month. Griebel said candidates’ relative wealth and their sources of income are less of an issue than their willingness to be transparent with voters.
“I don’t care and I don’t think voters care,” Griebel said of the details. “They just want know that you are ready to share information. The fact that it took them so long – and we’ve been transparent from the start – is how we’re going to run the government. The fact that you had to take it off these guys, for me, says a lot. “
Ned Lamont’s tax returns
|2013||$ 411,988.00||187 $ 110.00||$ 2,579,595.00||$ 733,517.00|
|2014||$ 678,725.00||$ 240,653.00||$ 3,217,049.00||366 $ 220.00|
|2015||$ 1,159,839.00||$ 398,452.00||$ 5,347,810.00||$ 322,418.00|
|2016||$ 155,368.00||$ 124,720.00||$ 1,505,228.00||$ 457,227.00|
|2017||$ 1,086,832.00||$ 392,240.00||$ 5,348,498.00||$ 585,732.00|
Summary pages of income tax returns, Lamont campaign