September 28, 2021

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Youngkin, McAuliffe plan to disclose some tax return details

RICHMOND, Virginia (AP) – The top two contenders in the closely watched race for Virginia governor say they will voluntarily disclose at least some information from their most recent tax returns before the November election.

In response to questions from The Associated Press, Republican Glenn Youngkin’s and Democrat Terry McAuliffe’s campaigns made vague promises to release unspecified details from their tax returns, but none said they would make the documents available in full.

“Glenn Youngkin will release information from his tax returns for the past few years if his final filings are completed before November,” said spokeswoman Macaulay Porter.

Christina Freundlich, a spokeswoman for McAuliffe, said he would share a summary of the results of the past few years before the election.

While Virginia gubernatorial candidates are not required to disclose their return, there are some limited precedents for doing so. The full documents could provide more nuanced insight into a candidate’s income, tax deductions, and philanthropy than the state’s mandatory disclosures.

In 2013, then-attorney general and GOP gubernatorial candidate Ken Cuccinelli, who later lost to McAuliffe, allowed reporters to review eight years of full federal and state income tax returns, including detailed sources of income and deductions.

After more than a week of public pressure, McAuliffe published summaries of three years of federal refunds to reporters and included all the information about the sources of his income and the deductions and exemptions he had enjoyed, the AP reported at the time.

Cuccinelli’s reveal came at a time when he was receiving increasing media attention for his shares in Star Scientific, a Virginia-based nutritional supplement maker, and the thousands of dollars in gifts he received from its CEO. Former Virginia Governor Bob McDonnell was later convicted of federal corruption charges relating to gifts and loans from the company’s CEO, though his conviction was eventually overturned.

In the 2017 election between Democratic Governor Ralph Northam and Republican candidate Ed Gillespie, both men turned down a request from the Richmond Times-Dispatch to disclose or provide a detailed summary of their income tax returns, the newspaper said reported.

Princess Blanding, an educator and activist who ran for governor as an Independent earlier that year, did not respond to a question from the AP about her plans.

Virginia and New Jersey are the only two states that have regular gubernatorial races this year, and Virginia is seen as more competitive. It is drawing inordinate national attention as Youngkin, a political newcomer, seeks to break a decade-long streak of Republican bad luck in nationwide races and discourage McAuliffe from a second term.

State law prohibits Northam from running for a second consecutive term.

Mandatory disclosure forms filed by Youngkin and McAuliffe earlier this year provide a comprehensive view of each candidate’s personal liabilities, investments, and income from business interests.

Records show the two men are wealthy, and Youngkin, a former co-CEO of private equity firm The Carlyle Group, is even more so. But the forms don’t give a complete picture, in part because candidates only give a range and not a specific amount for the value of an investment.

Youngkin, who loaned more than $ 12 million to his campaign, pledged in April not to accept a governor’s salary and instead donate his paycheck to charity. Youngkin’s campaign said the candidate and his wife, Suzanne, had donated millions of dollars to Christian charities and organizations over the years.

The candidates have already argued over an issue related to finance. While McAuliffe has criticized Youngkin for his role at Carlyle as a “job killer”, where Deals sometimes triggered layoffs and outsourced jobs, Records also show that McAuliffe invested at least $ 690,000 in Carlyle funds between December 2007 and the end of 2016.

Freundlich said McAuliffe currently has “less than $ 5,000” invested in Carlyle funds.