Sanders releases long-awaited tax returns, showing millionaire status

16 April, 2019, 12:53 | Author: Wade Massey
  • As the Democratic race for president cranks up its moving parts could cause real angst | John Baer

Sanders and his wife, Jane Sanders, reported paying a 26% effective tax rate on his adjusted gross income.

The effective rates and income both represent substantial increases from 2014, which was the past year of tax returns publicly released by the candidate, when he earned $205,617 and paid a 13.4% effective rate.

He augmented his Senate salary with book royalties in each of those years, particularly in 2016 and 2017 when he made more than $800,000 each year in royalties.

At the same time, Sanders refused to say why he would not volunteer to pay the massive new 52-percent "wealth tax" that he himself advocated imposing on the country's richest individuals, as Fox News also pointed out.

"I didn't suggest a wealth tax", MacCallum replied.

A number of other Democratic presidential candidates have released tax returns in recent weeks.

The accusations were prompted by an article and video published by one of CAP's projects, ThinkProgress, which claimed Sanders is a millionaire but wishes to downplay his finances because it's "very off-brand and embarrassing". The senator and her husband, Douglas Emhoff, a lawyer, reported an adjusted gross income of about $1.9 million in 2018, substantially more than the $142,000 Harris declared in 2004 when she was the district attorney of San Francisco.

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In a recent op-ed, he outlined his now-familiar promise to take on the "powerful special interests" stemming from "the greed of Wall Street, the power of huge multinational corporations and the influence of the global billionaire class".

In 2016, a major attraction for his strong cohort of young voters was his promise of free tuition at all public colleges and universities, paid for with a new tax on Wall Street trades.

Beto O'Rourke, the former congressman from Texas, released 10 years of his returns on Monday night.

Sanders has become wealthier, in part, by cashing in on his status as a presidential candidate. Kirsten Gillibrand of NY and Washington Gov. Jay Inslee have also released returns dating back to 2007. Sen. He promised to release his 2018 return as soon as possible.

"We're seeing more returns, and sooner, than ever before", Rosenthal told ABC News.

Sanders had faced mounting pressure to release his taxes, with critics saying the democratic socialist's millionaire status undercut his populist economic message. His 2015 income was substantially less, at $240,622, the returns showed. According to a recent Pew survey of registered Democrats, 53 percent said they want the party to pursue a "more moderate direction", while 40 percent preferred the more liberal politics that emerged in the wake of the 2016 election. Huge tax breaks for the billionaires. He also conceded that vague promises from Sanders and the campaign about their plans had contributed to the speculation.

I didn't know that it was a crime to write a good book which turns out to be a bestseller. Sanders recently revealed that his income from book sales in the aftermath of that race had made him a millionaire. "This clearly is not the tax return of someone who does either a lot of tax planning or complex investing". Trump has repeatedly said he will not because he's under audit, though Democrats have not retreated from the issue.

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