By Ken Thomas and Richard Rubin
WASHINGTON -- Vermont Sen. Bernie Sanders released a decade's
worth of his tax returns on Monday, showing an annual income that
exceeded $1 million in 2016 and 2017 following his first
presidential campaign.
His tax records show that the senator and his wife, Jane O'Meara
Sanders, reported adjusted gross income of more than $1.1 million
in 2017 and more than $1 million in 2016, helped by the proceeds of
his 2016 book, "Our Revolution," which chronicled his presidential
primary bid against Hillary Clinton. They paid total federal taxes
in 2018 of $145,840 on $561,293 in adjusted gross income, an
effective tax rate of 26%.
Mr. Sanders, a self-described democratic socialist, has often
criticized what he calls the "billionaire class," proposed tax
increases and said wealthy Americans have benefited unfairly from
economic policies at the expense of the working class.
He said in a statement Monday that the tax returns "show that
our family has been fortunate," adding that he considered paying
more in taxes in recent years "both an obligation and an investment
in our country."
"I will continue to fight to make our tax system more
progressive so that our country has the resources to guarantee the
American Dream to all people," he said.
His campaign said the couple's income increased in 2016 due to
advances and royalties from "Our Revolution," which it said had
been translated into five languages.
The tax records also reflected proceeds from a youth version of
"Our Revolution," along with the publication of "Where We Go From
Here," and an advance on a book currently being written by Ms.
Sanders.
More recently, Mr. Sanders earned $391,000 in book royalties
from his 2018 book, "Where We Go From Here."
Mr. Sanders became the sixth 2020 presidential candidate to make
his personal tax returns public. Democrats have released years of
their tax documents during the primary, seeking to promote
transparency and highlight President Trump's unwillingness to
release his returns.
During his 2016 campaign, Mr. Trump said he would release his
tax returns but has refused to do so, breaking a 40-year tradition
of voluntary disclosure for major-party nominees.
California Sen. Kamala Harris released 15 years' worth of tax
returns on Sunday. She followed Sens. Kirsten Gillibrand of New
York, Elizabeth Warren of Massachusetts and Amy Klobuchar of
Minnesota, along with Gov. Jay Inslee of Washington state, who have
posted at least a decade of their tax returns online.
Other candidates are expected to soon follow suit, including New
Jersey Sen. Cory Booker and South Bend, Ind., Mayor Pete
Buttigieg.
Mr. Trump, whose tax returns are being sought by House Democrats
under a longtime law, has cited a continuing audit by the Internal
Revenue Service as a reason not to release his tax returns. There
is nothing, however, that would bar Mr. Trump from voluntarily
releasing his tax returns even if he is under audit.
House Democrats have set an April 23 deadline for the IRS to
turn over Mr. Trump's tax returns. Under the tax code, the chairman
of the House Ways and Means Committee can request any taxpayer's
returns and the Treasury Department "shall furnish" them. The
dispute could wind up in court if the Trump administration asserts
that Congress doesn't have a legitimate legislative purpose for the
request.
Mr. Sanders said in March at a campaign rally in Brooklyn that,
having been raised in a lower-middle-class family not far from
where he spoke, he would "never forget how money -- or really lack
of money -- was always a point of stress in our home."
Mr. Sanders's tax documents released Monday show that he and his
spouse paid total federal taxes of $343,882 in 2017 for an
effective tax rate of 30.3% and $372,368 in 2016 for an effective
tax rate of 35%.
The senator's tax returns, covering 2009 to 2018, show an income
that fluctuated between more than $200,000 a year to more than
$300,000 annually before his presidential campaign.
The couple reported an adjusted gross income of more than
$300,000 in 2009-2011 but their income dipped in the following
three years.
Ms. Sanders received a $200,000 severance package after
resigning from Burlington College in the fall of 2011, according to
a 2012 audit of the school's finances. She had served as the small
liberal arts school's president since 2004.
As president, she had secured loans to purchase a $10 million
lakefront property for the school. But the school's fundraising and
enrollment never matched Ms. Sanders's projections, according to
two former Burlington College trustees who said the board asked Ms.
Sanders to resign. The 44-year-old school collapsed under the
weight of its debt, eventually closing in May 2016.
Ms. Sanders declined in a recent interview to discuss her tenure
at Burlington College.
It wasn't immediately clear whether Mr. Sanders benefited from
the 2017 tax cut that he voted against because the couple's income
went up and down so much from year to year. Mr. Sanders's 2018
return said it is self-prepared, as opposed to being prepared by an
accountant.
In 2017, they reported having a financial interest in a foreign
bank account and then filed an amended return saying they didn't.
(They said they had inadvertently checked yes.)
Julie Bykowicz
contributed to this article.
Write to Ken Thomas at ken.thomas@wsj.com and Richard Rubin at
richard.rubin@wsj.com
(END) Dow Jones Newswires
April 15, 2019 19:38 ET (23:38 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.