The Corbett campaign finally got what they’ve been waiting for.
Tom Wolf finally released his tax returns, which show an adjusted income of $1.3 million for 2013. Republican Governor Tom Corbett also released the two page 1040 form that publicized each candidate’s adjusted incomes and tax information, including deductions and exemptions.
Corbett’s income was reported as $200,000 with $34,000 in taxes and another $27,000 in
deductions and exemptions. Wolf paid $287,000 in taxes and taking $489,500 in deductions and exemptions.
$720,000 of Wolf’s income is the result of partnerships and S-corporations, neither of which pay unitary federal taxes, but distribute the responsibility to their individual shareholders or partners.
Corbett’s income comes primarily from his $169,000 salary, though another $32,000 was distributed in a tax-minimized retirement account.
Wolf is chairman of Wolf Organization Inc., a family owned building-project company that specializes in kitchen cabinets. He stepped down from the company in December 2012 to focus on his gubernatorial campaign, but continued to draw a salary until May 31st, 2013.
Earlier on Monday, the PA Republican Party called on Wolf to release his returns.
“Why is Tom Wolf hiding his latest income tax returns?” PA GOP Communications Director Megan Sweeney asked.
The party was critical of Wolf’s decision to file for a six-month extension but after the long wait, the Democratic nominee’s income is now out in the open.
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5 Responses
From what I understand, Tom Wolf has always been exceptionally generous with his wealth, supporting worthy causes in York and the region for years, eschewing recognition. I know he’s done quite a bit of work for underprivileged and disadvantaged children, which is an investment in the future with a high ROI. He has clearly made service to the public a priority and has his heart in the right place, regardless of how anyone feels about his politics.
DaFino-
Maybe you should learn more about the “effective tax rate” in general and Tom Wolf’s effective tax rate specifically before commenting. Do you know the biggest part of Tom Wolf’s deductions, leading to his effective tax rate? In 2012 and 2013, Wolf contributed more than 20% of his gross income to charities (and not social welfare/issue advocacy organizations either, real charities). That % of his personal gross income is also the huge majority of his deductions. Tom Corbett’s 2013 contributions to charities were similar to the national average, about 5%.
If taxpayers are not allowed to deduct contributions to charities, those charities would lose a huge % of their money and have to close or stop offering many programs. But maybe you think that is fine, especially when a Democrat contributes 20% of his income to charity.
Tom Wolf has a pretty nice effective federal tax rate for a millionaire.
Still waiting for Corbett to report as income all of the cash and promises of future employment and emoluments given to him by the Frackers in return for stifling the severance tax (as he continues to do to this day). That piece of Public Corruption has cost Pennsylvania Billions.
Who cares how much money somebody makes.
The promise of Wolf is far better than another 4 years of Corbett and his agenda that balances the budget on the backs of working families and causes local and school property tax increases. End of story! GOTV for Wolf and the rest of the Democratic ticket!