And Chris Shays is the first to release his tax returns for 2011. With income, taxes and the 99 percent vs. 1 percent likely to be a big part of the fall campaign, we’re waiting for returns from all the Democrats and Republicans running for U.S. Senate.
Looks like Mr. Shays may be on the bubble for the 1 percent club. His adjusted gross income was $373,694 for 2011. The cutoff for one percenters was $343,927 in 2009, according to the IRS. His gifts to charity came to $7,900. Shays’ bill was $63,438, which means he likely paid more of his income in taxes than Mitt Romney, but less than President Obama.
UPDATE: Democrat Chris Murphy reports that his return shows that he and and his wife paid $49,288.88 in taxes on $220,353 in income. That’s going to leave him well out of the running for 1 percent honors. The Murphys federal tax rate was 22.4 percent.
Campaign manager Kenny Curran also reports:
Because they did not keep complete records of their expenses, Chris and Cathy did not take any deductions other than mortgage interest and taxes paid. For instance, Chris and Cathy did not deduct their 2011 gifts to charity, though they gave to several organizations, including the United Way, the Center for Childrens’ Advocacy, and NARAL Pro-Choice Connecticut.