Democratic candidate for governor Terry McAuliffe Monday gave reporters summary tax statements showing his reported earnings from 2009-2011 in an effort to silence Ken Cuccinelli and other Republicans who’ve harangued him for days about releasing those records.
The documents show McAuliffe, a businessman and political fundraiser, made $8.3 million in 2011 from business earnings, investments and other income.
He paid $2.3 million in taxes, an overpayment of more than than $163,600, according to the tax forms.
McAuliffe previously filed a financial disclosure form with the state, as is required of candidates for public office, showing him with assets worth at least $6.7 million.
But until Monday he resisted calls for his tax returns from Cuccinelli, who last week allowed reporters to inspect his tax filings for the past eight years.
Cuccinelli’s paperwork showed an lawyer making six figures in private practice and as publicly-elected state attorney general — he earned $192,279 in 2012.
It has not been a custom for Virginia gubernatorial candidates to release their tax records.
By releasing those documents, McAuliffe spokesman Josh Schwerin said the candidate has gone “above and beyond the disclosure requirements.”
He also said the candidate will release his 2012 tax summaries.
Schwerin then sought to turn the tables on Cuccinelli, calling out the candidate for his own disclosure shortcomings about stock he owned in company, Star Scientific Inc., locked in tax litigation with the state he didn’t initially report.
Cuccinelli’s campaign dismisses that as a paperwork oversight, while McAuliffe’s team casts it as something more sinister and says Cuccinelli should appoint an outside investigator to review inaccuracies on his state disclosure form.
The tax records McAuliffe released are insufficient, countered Cuccinelli spokewoman Anna Nix.
“Lest there be any confusion, tax summaries are not tax returns,” she said.
“Terry McAuliffe needs to come clean with Virginians,” Nix added. “Releasing three years of summaries after Ken Cuccinelli allowed the press to fully examine eight years of returns just isn’t going to cut it. What is Terry hiding?”
-Julian Walker, The (Norfolk) Virginian-Pilot