Republican gubernatorial candidate Shawn Moody declined to release five years of federal and state tax returns, which his three challengers provided Friday at the request of the Bangor Daily News.
The records show a detailed picture of the candidates’ personal financial lives, including income of nearly $1 million earned by independent candidate Alan Caron and his wife Kristina Egan, who cashed out personal investments to help fund Caron’s gubernatorial bid, according to a spokesman.
The couple’s income last year included $106,000 in wages and roughly $816,000 in capital gains. They paid roughly $190,000 in federal and state taxes last year, or about 20 percent of their income.
The forms show that independent candidate Terry Hayes and her husband Stephen had federal adjusted gross income of roughly $90,000 last year, from Hayes’ job as state treasurer and her husband’s mental health therapy business. They paid about $15,000 in state and federal taxes, or 17 percent of their adjusted income.
Mills had about $114,000 of adjusted gross income in 2016, the latest year for which she submitted a complete filing. She paid about $26,400 in state and federal taxes that year, or 23 percent of her adjusted income.
She received about $100,000 in wages from her job as attorney general and $12,000 in pension income.
Spokesman Scott Ogden said Mills submitted an application for an automatic extension for her 2017 returns and will make them public when they are available.
Instead of providing tax returns, Republican candidate Shawn Moody provided the type of income disclosure required by state law once elected. As state employees, two of Moody’s challengers, State Treasurer Hayes and Attorney General Mills, already provide these disclosures.
The disclosure does not list Moody’s income, but it lists four corporations he owns: his namesake Moody’s Collision Centers, a real estate holding company, an energy investment holding company and a recycling business called Moody’s Recycling.
Lauren LePage, a spokeswoman for Moody, said his real estate firm, Real Estate Holdings LLC, owns property that includes Moody’s Collision Center locations. Employees of Moody’s own one-third of that company, with Moody owning the other two-thirds.
In an interview Friday, Moody said that he did not release his tax returns for concern about revealing financial information about Moody’s Collision Center, of which the company employees own one-third. Moody told the Bangor Daily News that he consulted three employees about such a disclosure and they all opposed the idea.
“I’ve got to think beyond just myself,” Moody said.
The employee-owned firm pays leases to Real Estate Holdings, which Moody wholly owns, LePage said.
Moody also owns The Acquisition Co., which invested in at least one solar power project at the Gilsland Farm Audubon Center in Falmouth.
View the tax returns for Caron, Hayes and Mills and the financial disclosure for Moody below.
Maine Focus editor Erin Rhoda contributed to this report.
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