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.”
Posted: August 17th, 2012 | Author: Art Gallagher | Filed under: 2012 U.S. Senate Race, Bob Menendez, Joe Kyrillos | Tags: Bob Menendez, Chapin Fay, Joe Kyrillos, New Jersey U.S. Senate race, Taxes | 5 Comments »