Kyrillos shows press his tax returns
New Jersey’s GOP nominee for U.S. Senate and his wife earned $437,500 in 2011, according to tax returns made available to the press by the Kyrillos for Senate campaign this afternoon.
Joe and Susan Kyrillos paid $106,564 in federal income taxes and $24,299 in NJ State income taxes on the $289,728 portion of their income that was taxable. Property taxes on their Middletown home are almost $20,000.
The couple jointly reported wages of $133,738. $49,000 of those wages are the senator’s legislative salary. The senator earned gross revenue of $150,000 and a net profit of $109,299 from his commercial real estate business. Mrs. Kyrillos earned gross revenues of $255,364 and a net profit of $197,532 from her insurance consulting business.
The couple did not disclose their W-2s or 1099s which would have revealed the source of their incomes.
In 2010 they earned gross income of $365,509, $214,072 of it taxable. They paid $95,811 in state and federal income taxes that year. In 2009 their gross income was $381,052, $239,582 taxable. Their state and federal income tax bill was $177,820 in 09.
The Kyrillos campaign announced that the senator would make three years tax returns available yesterday afternoon. A few hours later, U.S. Senator Bob Menendez, the Democratic incumbent, announced that he would disclose five years of returns next week. Menendez has never before released tax returns in his six years in the U.S. Senate.
“I congratulate Senator Menendez for following Senator Kyrillos’ lead and agreeing to release more than one tax return,” said Kyrillos Campaign Manager Chapin Fay. “It’s clear had Senator Kyrillos not led this charge, Senator Menendez would have continued to keep New Jerseyans in the dark. Joe will bring this same agenda of good government and transparency to the United States Senate and bring an end to backroom deal-making and special interest influence.”
According to The Star Ledger, the Menendez campaign issued the following statement regarding the Kyrillos returns:
“Joe Kyrillos’s personal finances raise more questions than his tax returns can answer. Kyrillos makes a substantial income in addition to what he is paid as a public official, and it is incumbent upon him to disclose the nature of the work he does at Newport Capital, Kyrillos Real Estate and any other outside enterprises in which he is involved,” Menendez spokesman Michael Soliman said in the statement. “Without knowing the nature of Joe Kyrillos’ reported outside income, New Jerseyans are left with no assurances that this income is entirely unrelated to his public duties.”
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Seems with all the hoopla about Romney not releasing his returns, some candidates think ALL they have to do is release some tax returns. Happy to see the Kyrillos family is riding out the downturn nicely.
Sen. Kyrillos needs a new accountant. Why should his family be paying a rate of roughly 25%, when Mitt only paid at the 13% rate according to the years worth of taxes that he released??
13% is about the rate a single person would pay who is making 40k/year.
How many private sector employees are Joe Kyrillos and his wife responsible for employing? How many private sector employees do Mitt Romney and his wife have? How many private sector employees does Bob Menendez have? How many private sector employees does Obama have? Who is creating the jobs and how many jobs are they creating?
The guy works hard and makes $290,000.00, then he has to give $150,000.00 to the government.
C’mon Democrats – you have to step back and admit that just stinks.
[…] Booker nor Lonegan have been as forthcoming with their tax returns as U.S. Senator Bob Menendez and State Senator Joe Kyrillos were last year in their senatorial […]