King releases tax returns showing more than $500,000 in yearly income

Maine independent Senate candidate Angus King speaks at a news conference in Brunswick in August.
Robert F. Bukaty | AP
Maine independent Senate candidate Angus King speaks at a news conference in Brunswick in August.
By Matthew Stone, BDN Staff
Posted Oct. 01, 2012, at 1:24 p.m.

AUGUSTA, Maine — Independent Senate candidate Angus King on Monday released seven years of federal tax returns, a week after Democratic candidate Cynthia Dill called on her main rivals in the Senate race to release 10 years of tax returns.

King and his wife, Mary Herman, paid an effective tax rate of 22.2 percent on average during the seven years covered by the tax returns, 2005 through 2011. King and Herman together took in, on average, $569,000 in gross income each year, $392,000 of which was listed as taxable income. King’s average annual income from capital gains was $231,000.

King and Herman donated 13.4 percent of their income to charities each year, according to a tax return summary provided by King’s accountant, Scott Small of Macdonald Page & Co.

King released his tax returns Monday ahead of rivals Dill and Republican Charlie Summers. Summers spokesman Drew Brandewie said Summers’ staff planned to post eight years of Summers’ tax returns on the campaign website Monday night.

In a statement issued Monday afternoon, Dill said she was glad to see her opponents willing to release their tax returns.

“I am prepared to release 10 years of tax returns and am glad that the other two candidates have risen to my challenge to be transparent with Maine voters,” she said.

Dill proposed last week that the candidates release 10 years of tax returns simultaneously through an independent third party, saying the move would “give Maine voters greater insight into our backgrounds, full knowledge of our finances and a deeper understanding of who we are as candidates to the highest elected federal office in the state. It also will help restore faith in our system of open government.”

Summers’ campaign agreed to the request immediately while King’s campaign didn’t indicate until Monday whether the former governor planned to release his tax returns.

While King didn’t release the 10 years of tax returns requested by Dill, the King campaign said in a statement that, “as far as the campaign can determine, this is the widest release of personal records ever called for and produced in the history of Maine politics.”

The release of King’s tax returns comes about four months after he filed financial disclosure documents with the U.S. Senate Select Committee on Ethics that put his net worth at between $5.3 million and $23.6 million.

King’s campaign noted Monday that most of the candidate’s wealth is the result of the $19.8 million sale of his energy conservation company to Eastern Utility Associates in 1994 before he became governor. The Bangor Daily News reported in 1994 that King made about $8 million from the deal after repaying bank loans and other costs.

Dill had set a 5 p.m. Monday deadline for the three candidates to release their tax returns.

http://bangordailynews.com/2012/10/01/politics/elections/king-releases-tax-returns-showing-more-than-500000-in-yearly-income/ printed on December 18, 2014