One of the four independents in the race to replace Olympia Snowe in the U.S. Senate said Wednesday he plans on donating his entire Senate salary to Maine charities if he’s elected in November.
Steve Woods, chairman of the Yarmouth Town Council and CEO of the Falmouth-based TideSmart Global marketing firm, made the announcement the same day he publicly released his federally required financial disclosure report. He also challenged independent former Gov. Angus King, whose financial disclosure revealed millions of dollars in assets and hundreds of thousands of dollars in income, to make the same pledge.
“I feel that we have a social responsibility to each other, and I am fortunate enough to be in a position to be able to donate my salary and help those that are struggling,” Woods said in a statement released by his campaign.
Woods said he would appoint an independent committee of business and nonprofit leaders to decide each year on the Maine charities that would receive the $174,000 annual Senate salary.
In addition to serving on the Yarmouth Town Council and running TideSmart, Woods is a part owner of the Maine Red Claws basketball team.
His financial disclosure documents show Woods earned $200,000 in income as TideSmart’s president and CEO during the reporting period, which covers Jan. 1, 2011, through July 23 of this year. Woods holds the bulk of his wealth in the form of his business and real estate holdings and publicly traded stocks, his 10-page disclosure report shows.
Woods, for example, holds between $50,001 and $100,000 each in Sirius XM Radio and Procter & Gamble stock, between $15,001 and $50,000 each in Ford Motor Co. and General Electric stock, and tens of thousands of dollars in additional wealth in mutual funds and individual retirement accounts.
Woods also managed to snag shares of both Facebook and LinkedIn after the firms’ recent, high-profile initial public offerings. He holds between $1,001 and $5,000 in Facebook stock and less than $1,000 in LinkedIn stock. He doesn’t list significant income from stock dividends.
Woods lists the value of TideSmart, his collective of six marketing businesses, at between $5 million and $25 million, and his stake in the Maine Red Claws is worth between $50,001 and $100,000. Woods also lists a stake in a Portland commercial development firm and values it at between $100,001 and $250,000.
A TideSmart division called TideSmart Realty Holdings is valued at $5 million to $25 million, and another company division that counts the business’ warehouse among its assets is valued at $50,001 to $100,000. The company’s other four divisions are valued at $100,001 to $5 million each.
Woods’ financial disclosure is becoming public well after other candidates in the race filed theirs with the U.S. Senate Select Committee on Ethics. A campaign spokeswoman said early last month that Woods received an extension that enabled him to file the document after the May 15 deadline.
All candidates who raise or spend at least $5,000 as part of their campaign efforts are required to file financial disclosure documents.
The latest campaign finance reports filed with the Federal Election Commission show Woods is largely self-funding his campaign. His finance report for April 1 through June 30 showed the candidate took in $320 in contributions from others while loaning his campaign nearly $54,000 and donating $15,000.
King’s campaign didn’t take Woods up on his challenge to the former governor to give his Senate salary to charity.
“Mary and Angus have always given generously to Maine nonprofits and charities and will continue to do so,” campaign spokeswoman Crystal Canney said, referring to King’s wife, Mary Herman. “We encourage all U.S. Senate candidates to give in the best way that they feel they can.”
Okay, so he’s already rich and he’ll make money in other ways while in DC. How would that make him different from any other Senator? This is an empty gesture.
I disagree completely. He is not mandated to share $174 k, but is willing to. That makes him different.
Which is chump change compared to what the federal budget is and compared to what he’ll make through other avenues.
How about not receiving a pension or free health care until the budget is balanced?
This is certainly a great gesture! I could see at the
federal level taking a salary since it takes up a majority of that person’s
time. Do I think over $100G is necessary? No! At the State level I think all
politicians should do this! All they need to take is enough for their travel
expenses. In reality any politician should find it an honor and a privilege to
have the position they do. Not to just see it as a job and a way to make money.
It SHOULD be about serving the country, our state, and the people! That is
rewarding enough in and of itself…Maybe we would even have more caring and
decent people running the show if they all thought this way!
Dreams from My Father.
Lepage said the same thing when running for office, so much for that.
In all honesty I have yet to see any of Woods position’s here or anywhere else for that matter so I can’t really make any decision about his campaign. Given what’s here, the giving of the $ 174k salary sounds nice. But so far that’s all I’ve seen is nice, not anything else. Time to put meat on the table, not the ice water that’s always there.
Mr. Kiernan,
I share your frustration in regard to not finding my “position’s here or anywhere else…” due to a lack of media coverage – so I suggest that you visit SteveWoods2012.com for more information in regard to my campaign. And my committment to donate my Senate salary to various Maine groups represents more than a million dollars ($174,000 x six year term.) My committment is more about the spirit I feel for civic duty than the money itself. For some, that message might resonate – for others I understand a degree of cynism.
I believe in our country. I believe that Maine is the best place to live in the world. My goal is to work to makes things better – not to waste time or energy identifying what is bad and/or who to blame.
Thank you sharing your thoughts.
Respectfully,
Steve WoodsUnited States Senate Candidate
Sure Steve. Why is it I just don’t believe it. By the way where do you stand on the National Issues instead of talking about your wallet. Do you belong to Romney’s Rich Mans Club? Do you even pay taxes because Romney does not. How many Swiss Bank accounts, Cayman Accounts and Bahama Accts do you have?
Mr. Knightscross – To answer your questions; a visit to stevewoods2012.com will offer information on “where I stand on National Issues,” I am not a supporter of Mitt Romney or any of his “club(s),” I paid approx. 35% of my income in taxes last year (a dollar amount more than all other US Senate Candidates from Maine combined), I have no financial “accounts” outside of the U.S. And for context, here in Maine, I have hired more people, created more jobs, invested more capital over the last few years than all of the other US Senate Candidates combined. Whereas Angus King, Charlie Summers and Cynthia Dill all currently cash significant checks from “The State of Maine” – I am the only candidate that writes large checks to “The State of Maine” in the form of taxes and fees.
My “stand” on these issues and others are readily available to see, read, support or challenge. The fact that most media outlets in Maine have chosen to focus on Angus King almost exclusively during this campaign cycle is unfortunate in that it creates a perception for many people that Angus is the sole candidate – a reality that I cannot control.
Thank you for taking the time to express your thoughts and for sharing what appears to be a fair degree of frustration with the process. It is my genuine belief that I represent a “solution” and not the “problem.”
Respectfully,
Steve Woods
United States Senate Candidate
I thank you for your candid response to my questions. Since you do not have any over seas accounts like Romney and you pay your full share of taxes at 35% you have my vote. Yes, I will vote for you this fall. I am sorry I put you in the same company with a Crook and Thief like Romney. I read Romney was elected Governor breaking the law and the Massachusetts Constitution by being a resident of Utah for 2 years. He LIED. He said he lived in Massachusetts when he was living in Utah and filing income taxes in Utah to save tens of thousands of dollars.But what else is new with Romney.The Gaul and crookedness of Romney just eats at me. Again, you have my vote Steve.