Republican gubernatorial candidate Tom Foley released partial 2010, 2011, and 2012 tax returns Friday afternoon at a law office in Hartford.
The federal returns show the Greenwich businessman, who files separately from his current wife Leslie Fahrenkopf, had a good 2010 with an adjusted gross income of $1.02 million, but he took a big loss of $2.8 million on an S-Corp. bringing his adjusted gross income down to a -$65,705.
Foley’s spokesman Mark McNulty did not know if the loss was on multiple S-Corps.
In 2012, Foley’s taxable income jumped back up to $100,059 and brought his adjusted gross income back up to $20,462.
McNulty refused to allow reporters to photograph the federal tax return and it was not immediately clear if the state portion of the returns would be made available.
Democratic Gov. Dannel P. Malloy made the first two pages of his federal returns and his state returns available to reporters earlier this month.
Asked why the Foley campaign didn’t simply copy the redacted returns and email them to reporters, McNulty said it was “personal preference.”
The amount of alimony Foley paid his ex-wife increased each of the three years. She received $76,295 in 2010, $77,440 in 2011, and $79,128 in 2012. He also claimed income in each of the three years from Stevens Aviation, a company he’s owned for 25 years.
Foley filed an extension on his 2013 taxes so they were not available.
Democratic Party Chairwoman Nancy DiNardo went to the law offices to view the tax returns and was told she wasn’t a member of the media.
“Today I went to view Tom Foley’s tax returns, and I was denied, because his campaign is hiding something. What might that be? He paid a zero percent effective tax rate in 2011 and 2012,” DiNardo said in a statement.
The party also forwarded a blurry video of her encounter with McNulty in the conference room of Hinckley, Allen and Snyder.
“After pledging for weeks to release his federal and state tax information, Tom Foley tried to pull a fast one and refused to release them,” Mark Bergman, a spokesman for the Malloy campaign, said. “After disclosing that Tom Foley paid an effective tax rate of 0% in 2011 and 2012—which would make even Mitt Romney blush—he should live up to his commitment and actually release his federal and state tax return summaries.”
