AUGUSTA, Maine — Independent Senate candidate Angus King on Monday released seven years of federal tax returns, a week after Democratic candidate Cynthia Dill called on her main rivals in the Senate race to release 10 years of tax returns.
King and his wife, Mary Herman, paid an effective tax rate of 22.2 percent on average during the seven years covered by the tax returns, 2005 through 2011. King and Herman together took in, on average, $569,000 in gross income each year, $392,000 of which was listed as taxable income. King’s average annual income from capital gains was $231,000.
King and Herman donated 13.4 percent of their income to charities each year, according to a tax return summary provided by King’s accountant, Scott Small of Macdonald Page & Co.
King released his tax returns Monday ahead of rivals Dill and Republican Charlie Summers. Summers spokesman Drew Brandewie said Summers’ staff planned to post eight years of Summers’ tax returns on the campaign website Monday night.
In a statement issued Monday afternoon, Dill said she was glad to see her opponents willing to release their tax returns.
“I am prepared to release 10 years of tax returns and am glad that the other two candidates have risen to my challenge to be transparent with Maine voters,” she said.
Dill proposed last week that the candidates release 10 years of tax returns simultaneously through an independent third party, saying the move would “give Maine voters greater insight into our backgrounds, full knowledge of our finances and a deeper understanding of who we are as candidates to the highest elected federal office in the state. It also will help restore faith in our system of open government.”
Summers’ campaign agreed to the request immediately while King’s campaign didn’t indicate until Monday whether the former governor planned to release his tax returns.
While King didn’t release the 10 years of tax returns requested by Dill, the King campaign said in a statement that, “as far as the campaign can determine, this is the widest release of personal records ever called for and produced in the history of Maine politics.”
The release of King’s tax returns comes about four months after he filed financial disclosure documents with the U.S. Senate Select Committee on Ethics that put his net worth at between $5.3 million and $23.6 million.
King’s campaign noted Monday that most of the candidate’s wealth is the result of the $19.8 million sale of his energy conservation company to Eastern Utility Associates in 1994 before he became governor. The Bangor Daily News reported in 1994 that King made about $8 million from the deal after repaying bank loans and other costs.
Dill had set a 5 p.m. Monday deadline for the three candidates to release their tax returns.
Truly, a man of the people…. NOT
Has he helped:
*Small business- no
*Manufacturing- no
*Our vets- no
I will stick with Charlie Summers, at least he has been there for those areas Angus couldn’t be bothered with…!
Putting Charlie Summers in the U.S. Senate only compounds the problem of Republican obstructionism in D.C. He is not his own man; his ethics have been bought by the National Republican Party.
He is by far a lot more ethical & qualified than King…!
Charlie Summers signed a Pledge to an unelected lobbiest ( Grove Norquist ) not to raise Taxes, contary to the Maine Statute that declares that the Legislature Will Not in any manner surrender the power of taxation.
Taxation is one of the fundemental tools of government.
To do such a thing as to Violate the Maine Constitution is a violation to his Oath of Office.
Charlie Summers and every other Politician that signed these pledges should be locked up in Thomaston for about twenty years for violating the trust given to them by the citizens!
Angus left Maine broke, and is in Quimby’s pocket-
Charlie is by far the best candidate…!
I believe it was Obama who told the Republican during his first two years in office. He didn’t need their support or their votes.
Well, it is the supposedly “non -partisan” Tea Party extremists, who squeezed (drove) Sen. Snowe out of politics by calling her a damned RINO, who, now, can’t stand the long time independent King, because despite the facts. they insist he is really democrat, who REALLY need to be questioned.
So never the cheap shot about extremist’s who can’t deal with the facts not being good political role models or qualified to lead, but what is the GOTea Party’s record in the past two years in Congress ?
Angus King is the best replacement for Sen. Olympia Snow.
Dill is dull.
And the is no point in Maine electing Mr. Charley the Senator from ALEC.
I believe that it was Mitch McConnel who declared that the #1 political Goal of the Republican Party was to make Obama a One Term President!
I believe that it was Rush Limbaugh who wished that Obama Would Fail upon his Inaugeration!
So it is pretty much a mute point that you are making!
Angus is a fraud. At least Cynthia has stuck to her principles over the years. Angus and his wind fraud business and the questionable dealings with federal grants/loans ought to be enough to get anyone to vote for the other two in the race.
“questionable dealings with federal grants/loans ”
Who questioned that?
Those who run against him?
“Angus is a fraud”
When Was he Convicted?
All Bull, Baloney, Conjecture, and Rhetoric!
But the US Chamber says King made millions from his wind energy exploits.
King’s taxes shows up the Chamber’s false claims.
You might be right. He might have made over 23 million with the help if clipping coupons.
So true!
Isn’t one of his sons running his energy businesses? That would be a good way to hide his actual income. But, who cares what his income is if he has made it legitimacy.
Get back to us with a link when you are sure.
Yes, Angus King’s son is a big wind promoter, with prior employment by the Clinton White House, and Bain & Company. Here’s your link: http://www.tpl.org/about/leadership-board/advisory-boards/maine/angus-king-iii.html
Angus S. King III is Vice President for Mergers and Acquisitions at First Wind in Portland, Maine, an independent North American wind energy company focused exclusively on the development, ownership and operation of wind energy projects. King has a background in strategic management consulting, real estate development and politics. Formerly a principal at Evergreen Partners and vice president of development for the Wishcamper Group, firms focusing on the acquisition, preservation and rehabilitation of affordable housing across the country, his work covered all stages of development, including government relations, finance, and construction. Prior to joining the Wishcamper Group, King held positions with Bain & Company, the Clinton White House, and a number of political campaigns. He is a graduate of Dartmouth College and Harvard Business School.
Walmart is a big wind promoter too, do you shop there?
http://www.forbes.com/sites/toddwoody/2012/08/06/walmart-winds-up-wind-power-in-california/
Interesting how he makes a fraction of what Romney does and yet he pays about a 10% higher effective rate.
Romney gave over 33% of his income to charity..If King Angus had given that he would have paid less as well…
Giving money to the LDS church is hardly charity, they “require” their members to tithe annually. If he donated to Doctors without Borders or the Red Cross, that would be charity. Tithing merely supports your own organization, it’s more akin to dues.
How do you know he did not give to Doctors without Borders or the Red Cross? His 2010 tax return shows that he gave roughly 1.525 million to his church and 1.458 million to other charities.
Giving to a church that is a 501(c)(3) organization is a charitable contribution; you can check the IRC to confirm that if you wish. Most Christians follow the Bible’s teaching to tithe, it is not something that is required by the church but something that is written in God’s word. The monies collected by churches are used, at least in part, to support the humanitarian missions of that church. You can call it dues or whatever else you want but the fact remains that it is a charitable contribution.
Just because people choose to support charities other than those you deem worthy, does not mean that their charitable contributions do not count.
Where can I see this information for myself, last I heard Romney was not releasing his income tax info?
Have you heard of Google?
What’s your point? Can you provide a link for your lies or can’t you???
My point is that most adults are capable of completing a Google search, reading the information found through such search, and making an educated decision about what is fact and what is fiction.
To what lies would you like a link?
Maybe if you could follow the conversation like most adults are capable of, maybe you could figure out what my question originally was. Phone a friend and get back to me.
The conversation started with midcoastconservative stating that Romney gave over 33% of his income to charity to which you replied “Where can I see this information for myself, last I heard Romney was not releasing his income tax info?”
What did I not follow?
I asked where can I find the information not how. What search criteria should I use since you are the google expert?
Google is a where. You could try romney tax returns for starters – it yields several results including the one that supports my post which I assume is the “lies” to which you refer: http://www.washingtonpost.com/wp-srv/politics/documents/romney-2010-tax-return.html
Romney lives off his investments, which are taxed at a lower rate than earned income! Talk to an accountant – learn a few things! Don’t worry, it won’t hurt a bit!
I know that and it’s irrelevant to the point I’m making.
We’re all wondering, what was your point?
Well, there is all this screeching about people not working and not paying taxes. The average American actually works and in many cases pays more than the people who don’t work.
Speak for yourself, I understand.
The Game is Rigged and Some want the Rigger to set the rules!
not really. Romney is making money from investments which were made with income that had already been TAXED! Ignorance is bliss
Like the owners of Walmart worked real hard for thier $104 billion. All income should be taxed the same.
Walmart is one of the most widely held stocks in the country, there are plenty of owners who work real hard for their money including a lot of Walmart employees who don’t deserve the tax rate on their dividends to go from 15% to 35% or more
If you work at Walmart for $8 an hour I do not believe you make enough or have enough stock to be in the 35% bracket on dividends. Thier are plenty of people who never really worked maybe inherited millions or even billions paying less in real dollars as percentage of income than the working poor. look at the tax on gas? some people put half thier paycheck after tax in gas just to get to work. Look at SS after what the first $110k no tax.
Convince the 47% not paying taxes of that.
Guess what has already been taxed before: everything. When I go by a wrench at the store, do I screech that the store already paid a tax? That the maker paid a tax? That those that produced the materials paid a tax? Etc? No, I don’t. Because I don’t create phony talking points that are obviously dishonest in order to avoid paying my share of taxes.
You’re the ignorant one for parroting that “double taxation” meme.
Do you own as C Corp that pays income taxes on their earning and then when they distribute the remains of the same earning to you then pay taxes again on that income? There was no inbetween action as there was in your examples. Income earned and taxed without any intervening action taxed again when distributed to the same owner. Of course they can change their business structure when hit with over 30% taxes on the earning and then again over 30% taxes on the remaining earning when distributed through dividends and they will.
What’s the action between a manufacturer selling a product to a store and then the store selling the same product (unaltered of course)?
Ordering, shipping, receiving, stocking, sales personnel, heating, cooling, lighting, accounting, payroll, security etc. Then that company sells the product and the coporation makes a profit. Income taxes are then due to the corporation and to the owner on the dividends.
HAHAHA, nice try. It’s the exact same thing and you know it. Don’t be a hypocrite.
Really? When ones resorts to name calling you know they have lost the argument. If the same situation was applied to an S Corp, partnership, self proprietorship etc the income is taxed once to the owner. With a C Corp the income is taxed twice in the same identical situation.
No, when someone engages in hypocrisy, they’re a hypocrite. Period.
It’s not double taxation. That’s a lie that you’re parroting. If you’re going to say that “heating” and whatever other silly reasons are the “action” between a manufacturer and a business selling the same product, then why doesn’t the “heating” at a corporation making a profit count as an action too?
Like I said, it’s hypocrisy. So scream that I called you a name in order to change the subject, but it’s still hypocrisy.
A business gets the raw material and sells to the manufacturer and makes a $100, the manufacturer creates the the product and sells to the retailer and makes $100. The retailer sells the product and makes $100. If each of the businesses are partnerships or SCorps at the maximum marginal tax rate they pay 35% federal tax on each of the profits. If they are a C Corp they pay 35% on each of the profits and when the profit is distributed to the owners though dividends they are taxed another 15% of the profit. Want to be in denial suit yourself.
You just said it was stuff like “heating” that constituted and now you’re saying it’s selling? Are you just making it up as you go along?
It’s not double taxed any more than my wrench is.
You are the one that tried to equate paying income tax by each business involved in your wrench (obtaining raw material, manufacturing the product and selling the product) with taxes being paid twice on just one of the operataion. You asked “What’s the action between a manufacturer selling a product to a store and then the store selling the same product (unaltered of course)? ” I told you some. It is not about selling it is about paying income taxes on a profit. As I said if a C Corporationand owner is at the top marginaltax rate taxes is paid at 35% and then at 15%. If you don’t want to call that double taxation then just call it a total rate of 44.5% on one profit.
LOL, if you don’t want to claim my wrench is being double taxed, then the sales tax is much higher than 5%.
You’re not being consistent in your logic and it’s very obvious.
Everyone pays that 5%. Advocating a flat income tax rate?
I’m advocating that people like you stop using inconsistent logic in order to support those who avoid paying taxes. First it’s not actual income, then it’s income that’s already been taxed so it shouldn’t be taxed again, then it’s not that it’s not income but that there should be a flat tax.
Whatever you decide to call it — you’re not being consistent in your logic. That means you’re not speaking out of principle and that you have other motivations for saying and believing what you do.
It hasn’t been double taxed and it should be treated as income, not something separate. That’s what I’m advocating.
Corporations get something in return from that alledged double taxation!
They get limited impunity as investors from bankruptcy and Lawsuits for damages that these corporations inflict !
The Bankruptcy courts can’t go after the other assets of the investors, such as their other investments and their homes cars ect ct ect ect.
You won’t hear these double taxation whiners tell you about that!!!!!!!! It is one heck of a good deal that they don’t really want the public to understand!
So do S Corporations and they only pay tax on once on their income.
Perhaps Romney dosen’t live in a state with it’s own income tax !
Angus lies about his tax rate if we are to believe that it was computed
the same way that Romney’s was computed. Romney’s effective rate was
computed by dividing total tax paid by total income. King’s rate, using
this method is 10.4%. His total income is $649,841 when you add in the
tax exempt municipal income. In short folks, Angus does the same thing
that Romney does, apparently a little better since his rate is much
lower than Romney’s.
Interesting that you bought his lie wolfndeer. It would be interesting to see the actual tax return and not the idiotic summary prepared by his accountant. Seeing the tax return is telling, you can hide things in a summary.
For 2011 I came up with 13.83% actual tax rate. I’m not sure what I missed?
Either way, while he didn’t actually lie he did spin the numbers to make himself look as good as possible.
And all the liberals on here bashing Romney for not paying enough will give King a pass. Crickets anyone?
I included the tax exempt income
He hasn’t refined “Crooked” to the Level of Romney!
Wrong, Romney actually pays a higher effective rate.
Not what the article says.
…
How do you not know if you have 5.3 or 23.6 million dollars? Another 99%er. No hidden money there. LOL
I was wondering the same thing. Probably like us trying to decide to put $5 or $23 in the gas tank. When you break it down in gallons, no big difference…. to him. Most Mainers do know the difference though.
so he made 19 millon selling 8 filing cabinets. and he doesn’t owe the energy companys anything for their kindness.
Someone please tell me, which of these millionaires running for office at any level of government are we supposed to relate to?
Wow. Personally worth over twenty million? Yep, just a regular good ol’ man of the people! HA! And libs and the MSM scream about Romney being out of touch yet tongue-bathe this snake-oil salesman.
i’m not voting for angus unless its beef
……only if it’s on sale though.
Yes, King is independent all right.
King’s words are “independent” from what he does.
He is an unctuous self-serving wind snake-oil salesman ,hypocrite and elitist egocentric plutocrat.
Maine gets what it deserves in the US Senate if such sleazeballs are not recognized by the electorate Nov. 6th, and rejected.
Biggest mistake this state has made in along time voting him in office for four years. How many Bonds did the state of maine get while he was in office to help get the windmills farms going thoughout the the state. It was at our expence that this man made millions. He is no good for the state of maine.
Over half a million? Oh yea, just one of us ‘regular’ folk! NOT!
I’m not an Angus fan but that the fact that he is not struggling to make ends meet should have absolutely no bearing on whether or not he is the right person for this job.
He needs 4 years to become a billionaire.
Ok, he is not a pauper, I figured that. VOTE KING
VOTE SUMMERS!
Where are those stats , how rich Senator Snow and Senator Collins are
Angus has such a nice smile. And he seems like such a nice man. I think I’ll vote for him!
And you should too.
I bet you like shiney things too.
Yes!! How did you know?? Oh, and I like tea, too…….did I mention that?? And warm sweaters with buttons.
(Sarcasm off………..but please do vote for Angus. He’s just so charming!!!!!! I love him.)
King is what he is. It is what it is. More difficult to understand, are the every day hard working folks, military connected families, businesses, etc., who actually think that he will represent them when his entire life has been all about himself. People invest so much of themselves into a candidate like King, identify w/the guy to the extent that they are emotionally invested in this charlatan, & passionate about that support. This guy should retire to a (wind) farm & do what he does best which is shepherding sheep…
Vote for Cynthia Dill.
Just my opinion.
Charlie thanks you for your recommendation!
Dill only asked for Angus’ tax returns to try to embarrass him with his wealth. He was already wealthy when we elected him for governor – twice! The moderates are sticking with Angus. But good try, Cynthia. Time to retreat to Cape Elizabeth.
p.s. His wealth means he can’t be bought.
Is that what Romney’s wealth means as well?
I am much more interested in our US Senate race than in the presidential race. Tired of our 2 party system and the political machines, both R & D. But since you asked… I am not one to bash Romney. My friends in MA thought he governed well, and I would never criticize anyone for trying to do something about the health care crisis, whether those attempts are at the state or national level. Yes, Romney has serious wealth, but he has also been charitable with his wealth, and his time (e.g. saving the Salt Lake Olympics). So I’ll give you a guarded answer of yes.
Just what we need is another high price do nothing pay check!
Just look at his face, you can’t tell me is is not honest ! Right? Lol. Looser!
Poor Angus,
Maybe Mitt can give you a loan to tide you over. At least you have the honesty too turn over 7 yrs worth of returns.
Angus is a joke. Anyone voting for him wasn’t of voting AGE when he was Governor, or they would remember how much debt he put us in! Vote for Summers!
Watch out for that “Angus Squint”
It is a tell that means his lips are moving, and when his lips are moving, he’s lying.
Alright, Summers & Dill, pony up. You got King to release his, where are yours?
Fun with numbers.
There’s one more month until we vote. I hope everyone on this site is registered. You only get one chance to make your opinions really count. So whether you’re for the Democrats, the Republicans, or the Independents, show your support where it matters.
I feel sorry for him. I thought he was rich. My mistake….
Yep, another one of those lousy One-Percenters………….just like Chellie and Donald.
Occupy?? Hello?? Hello?? Is this thing on?? Testing……..testing…………….Hello, Occupy??
Don’t forget the grant monies that the state GAVE him for his windmills when he said he was broke.
Yes, King is independent though.
King’s words are “independent” from what he does.
He is an unctuous self-serving wind snake-oil salesman ,hypocrite and elitist egocentric plutocrat.
Maine gets what it deserves in the US Senate if such sleazeballs are not recognized by the electorate Nov. 6th, and rejected.
Dill seems the best of them all. Hope we can see her debate.
Read this if you want to actually know where his $ came from and went. Barry is legitimate, worked for Ptld papers and has a great site. http://crashbarry.com/the_crash_report/kings_fortune/
Also the real story about record hill and wind farming: http://www.windtaskforce.org/
Why does it matter what money a man is making?
I’ve met poor men with very bad character and Rich men with very good character. For some reason some people wish to imply that Rich=Evil these days and they are wrong. Evil comes at all income levels.
As seen in his tax returns, Angus King the hypocrite invested directly in Exxon-Mobil. Here is a man who told us we had to replace ridges with his turbines to get us off oil (even though we don’t use oil to make electricity) and all the while he is investing in oil companies to line his pockets. To say nothing of his multiple dwellings and vehicles, including a Mercedes RV.
When King says he’s an independent, perhaps he means that what he does is independent of what he says.
Yes, King is independent all right.
King’s words are “independent” from what he does.
He is an unctuous self-serving wind snake-oil salesman ,hypocrite and elitist egocentric plutocrat.
Maine gets what it deserves in the US Senate if such sleazeballs are not recognized by the electorate Nov. 6th, and rejected.