Dems want Foley to release state tax details

Oct 20, 2014

Conn. GOP gubernatorial candidate Tom Foley talks with reporters following a transportation forum in North Haven on Monday, Sept. 15, 2014.
Credit Ebong Udoma

The Connecticut Democratic Party is calling on Republican gubernatorial candidate Tom Foley to give more details about his tax returns.

Foley made a summary of his 2013 tax return available on Friday. It showed that Foley paid $673 in federal taxes for that year.

The wealthy businessman from Greenwich spent $11 million of his own money on his first run for governor in 2010.  

The 2013 tax summary shows that Foley had alimony payments to his first wife and reported business losses of about $117,000. His only federal tax liability was a $673 self-employment tax.  

Foley’s 2010, 2011, and 2012 tax summaries were made available last month.

If you don’t have any income, you don’t [pay] taxes. That’s the way the income tax works,” Foley said recently, defending his effective federal tax rate of zero.

“I’ve been working really hard but I’m not paid a salary by anybody. So I only earn income when the investments that I make, first of all, are sold and there is some gain created, and there hasn’t been,” he said, when asked why a wealthy businessman would have no income.

Speaking on a conference call with news reporters on Sunday, Jonathan Harris of the state Democratic Party said he’s not buying that Foley had no income for three years. Foley owns two fighter jets, a $5 million yacht, and a seven-bedroom mansion in Greenwich, he said.

“Tom Foley’s America is one in which he can exploit workers, take advantage of the middle class, buy the best toys money can buy, and pay a zero percent effective tax rate. This would even make Mitt Romney blush,” said Harris.

Connecticut voters still don’t know the details of Foley’s state tax returns, he said. He contrasted this with the Malloy campaign having made available eight years of the governor’s federal and state taxes.

Those summaries show that Malloy and his wife paid a 25 percent rate in federal taxes in 2013 and a 5 percent rate in state taxes.

The Foley campaign has no plan to release any more details on his taxes, a campaign spokesman said.