Bob Stefanowski made nearly $35.6 million in the three years since his last campaign for governor, according to limited tax summaries released at 11:06 p.m. Thursday night by the Republican’s campaign.
The tax information, joint returns for Stefanowski and his wife, Amy Stefanowski, show that the pair earned $7.3 million in 2019, $15.2 million in 2020, and just over $13.1 million in 2021. Over the three-year period, they paid about $12.5 million in federal taxes.
The release shows that the couple’s income came from Sound Homes LLC and 33 Fair Street LLC, home remodeling and rental companies founded by Amy Stefanowski, as well as Lolo Consulting LLC, a consulting firm run by the candidate.
The campaign did not disclose information naming the clients of Stefanowski’s consulting firm and the release advised reporters that no further information would be forthcoming, saying “neither the campaign nor the Stefanowskis will be providing any further comment beyond this release.”
Campaign spokeswoman Sarah Clark hailed the provided information as a benchmark of transparency when compared to the tax information provided earlier this year by Stefanowski’s opponent, Democratic Gov. Ned Lamont.
“By releasing three years of joint tax returns today, the Stefanowskis are providing a refreshing level of transparency to the people of Connecticut, one which Governor Lamont and his wife have repeatedly failed to match,” said campaign spokeswoman Sarah Clark.
In a Friday statement, Nancy DiNardo, chair of the state Democratic party, questioned why Stefanowski had not released a list of his clients. Stefanowski has previously claimed that nondisclosure agreements prevented the release of that information.
“Once again, Bob Stefanowski has failed to make good on promises of transparency. We now know he earned $36 million over the last three years, but we have no idea how he earned it. He said he’d make that public, and he hasn’t. We know Bob has made a living in the past leading companies that prey on low-income families. Is he still doing that? Who’s paying him? Voters deserve to know.”
Lamont’s campaign spokesperson also issued a statement condemning Stefanowski’s decision against releasing a client list.
“If he is serious about representing the people of Connecticut– not special interests– he has to come clean about who he really works for,” Onotse Omoyeni, Lamont’s campaign spokeswoman, said.
In April, Lamont released a summary of his tax returns that show that Lamont’s adjusted gross income was almost $26 million over the last three years. All of the money came from investment income, which is held in what is essentially a blind trust. That means Lamont does not know what companies he’s invested in and does not make decisions about those investments.
Lamont’s taxes also show he paid about $7.4 million state and federal taxes.
In terms of taxes paid, in 2018 Lamont paid $1,838,517 in federal income tax and $569,401 in state income tax; in 2019 he paid $2,263,796 in federal and $736,462 in state taxes; in 2020 he paid $1,462,323 in federal and $567,755 in state taxes.
Lamont, who is the great-grandson of former J. P. Morgan & Co. chair Thomas W. Lamont, is married to Ann Huntress Lamont and files his taxes separately from his wife. The first lady, a founder and managing partner at Oak HC/FT, is likely much wealthier than her husband, according to state Ethics filing.
Lamont released his taxes in April, but did not include 2021. He said he got an extension for last year.
There’s no requirement for gubernatorial candidates to release their tax returns, but it has become the norm in recent years.
Stefanowski said back in July that Lamont should also release his wife’s tax return since a company her firm invested in received a no-bid contract from the state of Connecticut at the height of the COVID-19 pandemic.
The contract with Sema-4, which was conducting COVID testing for the state, has since ended and the Lamonts say they had no input into awarding the contract. Mrs. Lamont’s private equity firm invested in the company.
Mrs. Lamont has said she didn’t earn any profit from the investment.
The governor’s assets are independently managed without his knowledge or involvement, in a manner that the state Ethics Office confirmed is “a functional equivalent to a blind trust.”