For the past three years, Republican gubernatorial candidate Tom Foley has paid no income taxes, according to records Foley allowed reporters to inspect Friday.
Foley, who filed was given an extension on his 2013 taxes, allowed them to be viewed Friday at a law office in Hartford. He had previously allowed inspection of his taxes for 2010, 2011, and 2012.
Like 2011 and 2012, the 62-year-old private equity entrepreneur lost income in 2013, but his campaign was unable to say exactly where the losses originated.
The two pages of the 1040 form Foley’s campaign allowed reporters to view showed that he lost $67,679 on “rental real estate, royalties, partnerships, S corporations, trusts, etc.” He also lost $49,712 in “other income.”
He received $54,857 in ordinary dividends and $30,245 in capital gains. He also paid $80,487 in alimony to his ex-wife.
In total, he had a -$111,151 adjusted gross income in 2013. That’s a bigger loss than the -$65,000 in income he had back in 2011 when he took a $2.8 million loss on an S Corporation. Foley has declined questions for more information about the loss.
In the previous three years, Foley claimed income from Stevens Aviation, a company he’s owned for 25 years. However, there was no income on the 2013 form related to the company. His campaign spokesman said he still owns it.
Foley’s opponent, Democratic Gov. Dannel P. Malloy’s campaign, tried to use the tax return to paint Foley as someone who is out-of-touch with the middle class.
“Tom Foley owns a multi-million dollar mansion, two fighter jets, and a five-million dollar yacht, yet takes advantage of tax loopholes middle class families can only dream about allowing him to pay no income taxes for three years,” Mark Bergman, Malloy’s campaign spokesman said. “Tom Foley lives in a different world than Connecticut working and middle class families.”