McAuliffe tax summary shows he made $9.5M in 2012; campaign won’t release full return

Terry McAuliffe earned $9.5 million and paid $2.7 million in taxes in 2012, according to a summary of his returns released by his campaign for Virginia governor Wednesday evening.

McAuliffe — whose return was due Oct. 15 because he filed for an extension in April — did not release his full return or identify the sources of his income. His campaign provided the summary on the condition that the document itself not be published. McAuliffe’s 2012 income included $417,000 in wages, $6.2 million in business income, and $2.2 million in capital gains.

The latest on Virginia politics

Clear leaders emerge in primary races in northern Virginia, finance reports show

Republican Barbara Comstock, in the 10th district, and Democrat Don Beyer, in the 8th District, were far ahead.

Va. Republicans aren’t blinking in Medicaid showdown

Va. Republicans aren’t blinking in Medicaid showdown

Although expansion of coverage is backed by some important donors, GOP lawmakers maintain opposition.

In 10th District debate, GOP hopefuls target front-runner

Six Virginians depict themselves as the conservative heirs to retiring U.S. Rep. Frank Wolf.

Read more

McAuliffe (D) has been criticized for months by his opponent in the race, Attorney General Ken Cuccinelli II (R), who has demanded he release his full tax returns to answer questions about his financial relationship with GreenTech, the electric car company he co-founded, and other business ventures.

McAuliffe has declined to do so, but released summaries of his returns for the previous three years in April. He reported earning $8.2 million in 2011, $1.8 million in 2010 and $6.5 million in 2009.

Though candidates for Virginia governor don’t traditionally release their taxes, Cuccinelli allowed reporters to view his complete tax returns for the last eight years in April. They showed he earned $194,000 in 2012.

McAuliffe, a former Democratic National Committee chairman, has built up significant wealth through a host of investments over the years, many of them made with people he met through politics. His financial ties have also brought significant ethical scrutiny: Last week, McAuliffe was named as an investor with a Rhode Island man charged with defrauding insurers by using the stolen identities of people who were dying. (McAuliffe has not been accused of any wrongdoing, and donated his profits from the deal to charity last week.)

“Days after it was revealed that he made money off of the terminally ill, Terry McAuliffe is scrambling to show he has nothing to hide,” said Cuccinelli spokesman Richard Cullen. “This is not going to cut it.”

McAuliffe spokesman Josh Schwerin cited the ongoing controversy surrounding Star Scientific, the dietary supplement firm, to turn the disclosure issue around on Cuccinelli.

“Terry is continuing to go above and beyond Virginia’s requirements and traditions,” Schwerin said. “In contrast, Ken Cuccinelli failed to disclose his gifts and stock holdings in Star Scientific even while his office was supposed to be pursing them for unpaid taxes.”

A prosecutor determined that Cuccinelli did not break the law in his disclosure filings.

 
Read what others are saying