Today is the Internal Revenue Services deadline for tax filers who like Republican gubernatorial candidate Tom Foley requested an extension for their 2013 income taxes.
Last month, Foley allowed reporters to look at his 2010, 2011, and 2012 taxes, which showed the owner of a private equity firm didn’t pay anything in taxes in 2011 and 2012.
Asked Tuesday if he would release his 2013 taxes, like Democratic Gov. Dannel P. Malloy did, Foley said, “I actually hadn’t thought about that, but I’ll let you know.”
After the Oct. 2 debate between Foley and Malloy at the University of Connecticut Foley was asked about why he didn’t pay any taxes in 2011 and 2012.
“It’s pretty easy,” Foley replied. “It’s America, you don’t have any income, you don’t have to pay taxes.”
The federal returns show Foley, 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.
Asked to give more detail about the $2.8 million loss, Foley declined.
“There was income related to a company I had and there was a loss,” Foley said on Oct. 2 after the debate.
“Can we talk about things that matter to folks in Connecticut?”
When pressed about the issue Foley chuckled and told reporters “you’re never satisfied. I released my tax returns.”
He tried unsuccessfully to change the subject. “Let’s talk about the taxes that all the citizens of Connecticut are paying,” Foley said.
“You’ve asked me to release my tax returns, I’ve done it,” Foley said. “…it’s all there figure it out.”
Asked if the $2.8 million loss speaks to Foley’s business acumen, Foley said the Malloy campaign is focusing on that because he doesn’t want to speak about his record.
“Connecticut is not faring well under this governor and he doesn’t want to talk about it,” Foley said.
As of Wednesday morning, Foley had not released his 2013 taxes and has not released any of the detail related to his state taxes. What he did release last month was the first two pages of his 2010, 2011, and 2012 federal taxes.