"Tom Foley owns a multimillion dollar mansion, two British fighter jets, and a five-million-dollar yacht yet takes advantage of tax loopholes middle class families can only dream about, allowing him to pay no income taxes for three years," campaign spokesman Mark Bergman said. "Tom Foley lives in a different world than most Connecticut working and middle class families."
Foley spent $11 million of his own fortune in his challenge to sitting Democratic governor Daniel P. Malloy back in 2010. Since that time Foley has paid an effective federal tax-rate of ZERO.
The Foley campaign allowed reporters to view summaries of candidate's 2013 federal income tax returns Friday — after last month granting members of the press access to summaries of his 2010, 2011 and 2012 returns.
Foley did tell reporters he'd release his 2013 returns. It remains unclear when that will be
Hartford Courant
The most recent returns reveal that Foley paid zero percent in federal taxes for the third year in a row, a fact that will probably fuel Democratic criticism about the Republican candidate's wealth. In 2010, Foley's total income was $1.1 million and his effective tax rate was 31.7 percent.
Foley, who files separately from his wife, Leslie Fahrenkopf Foley, reported an adjusted gross income of negative $111,151 in 2013. Contributing to Foley's negative income figure was $80,487 that he paid in alimony to his former wife and more than $117,391 in other losses. The campaign would not provide detail about the source of those losses, even to confirm that they were related to business inive tax-ratevestments, as was the case in 2011 and 2012.
The losses offset close to $90,000 that Foley reported in dividend income and capital gains in 2013. His total federal tax liability was $673 in self-employment tax.
Malloy, the incumbent, previously released partial state and federal tax returns for the past 4 years. Together, his and his wife's effect federal tax-rates ranged from 20.7 to 38.2 percent. And their total incomes from $212,892 to $319,912.
Foley's been hit hard on the zero percent tax-rate by Malloy's campaign. In a debate on Thursday, Malloy said... "I don't own a $10 million house, a $5 million yacht, a $1 million plane and not pay taxes."
Foley has repeatedly laughed off Democratic criticism about his zero percent tax rates.
"I didn't have any income. It's pretty easy," he told reporters after a debate earlier this month. "It's America, you know. If you don't have any income, you don't pay taxes."
Malloy's campaign has recently called on his opponent to disclose details regarding a $2.8 million "S" corporate loss he reported in 2011, saying it raises questions concerning Foley's ability to manage. So far, Foley hasn't commented on the sizable investment loss.
Malloy really needed this issue. He is running neck and neck in the polls against Foley, the man he beat by a mere 6,404 votes in 2010.
RCP Average 9/20 - 10/16 -- 44.0 43.8 Foley +0.2
Hopefully it'll be enough to push him over the line. Here's his campaign website.