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Tue June 24, 2014
Shaheen Releases Eight Years Of Federal Tax Returns
Sen. Jeanne Shaheen and her husband, William, earned an average of more than $472,000 a year in pre-tax income between 2006 and 2013, according to federal tax returns released by Shaheen’s campaign Tuesday.
The couple's joint returns were made available four days after Republican Senate candidate Scott Brown and his wife, Gail Huff, released eight years of joint state and federal returns. Shaheen had pledged to release her returns if her opponents did the same.
Like Brown, the Shaheen campaign restricted viewing of the documents to "credentialed members of the media" for a limited time, from 1 p.m. to 7 p.m. Tuesday.
“Senator Shaheen is keeping her word about releasing her tax returns and going above and beyond what is required by law in her commitment to transparency," said campaign spokesman Harrell Kirstein.
The returns show the Shaheens’ reported income ranged from a high of $676,642 in 2012 to a low of $186,787 in 2010.
Jeanne Shaheen’s only income after taking office in 2008 has been her senate salary of $174,000 a year, according to the returns. During that time, William Shaheen, a co-founder of the Shaheen & Gordon law firm, averaged about $400,000 a year in pre-tax earnings from the practice.
The Shaheens paid $876,397 in federal taxes - an average effective tax rate of 23.2 percent - over the eight-year period, and they gave more than $100,000 to charity, about 2.8 percent of their reported income.
Much of the voluminous filing was given over to details on more than a dozen separate business entities, including a handful of real estate ventures, a title company and a software firm.
According to the Shaheen campaign, the "majority" of those business interests, as well as most of the couple's investments, are controlled by William Shaheen. The couple's home in Madbury is in Jeanne Shaheen's name.
In her most recent financial disclosure statement to the Secretary of the Senate, Jeanne Shaheen reported that the combined value of the businesses - most of which are limited liability companies in which William Shaheen holds a partial interest - is estimated to be between $2.8 million and $5.9 million.
The tax returns report that, overall, the businesses lost nearly $900,000 between 2010 and 2013, most of which is attributable to a Dover company called JID Software Partners LLC.
Brown had demanded Shaheen release her returns after the former Massachusetts Senator and his wife released their's last Friday, along with Brown's financial disclosure statement.
Brown and Huff reported an average pre-tax income of $455,000 between 2006 and 2013, ranging from a high of $839,529 in 2010 to a low of $275,921 in 2007.
The couple paid an average effective tax rate of about 27 percent, and contributed almost $75,000 to charity.
Republican senate candidates Jim Rubens and Bob Smith have said they do not plan to release their returns, although both candidates have filed personal financial statements that are available online.