Posted: Friday, June 13th 2014 at 9:18am
Kingston releases tax info ahead of Ga. Sen runoff
By The Associated Press
ATLANTA (AP) -- Republican Rep. Jack Kingston this week released five years of his federal tax returns, with just over a month to go before his July 22 runoff with former Dollar General CEO David Perdue for Georgia's open Senate seat.
To gain insights into the candidates' personal finances, The Associated Press requested access to the last 10 years of tax returns of all the candidates in the race. Perdue released his ahead of the May 20 primary. Meanwhile, Democrat Michelle Nunn has not released hers, with a campaign spokesman saying she plans to make additional financial information available soon.
The filings, which span from 2008 to 2012, reveal Kingston's congressional salary provided the bulk of the family's income, which also included a small stream of investment income. In 2008, Kingston and his wife reported a total income of about $164,400, which included about $16,000 in ordinary dividends. They claimed about $78,400 in itemized deductions and paid about $10,000 in taxes, or about 6 percent of their total income.
The couple owns three rental properties in the Savannah area, and the tax returns show the properties generated thousands of dollars in rental income but also cost the couple thousands of dollars in taxes, repairs, insurance and management fees over the years. The couple also gave thousands of dollars to charity during that time, as well as Lowe's Company shares valued over $33,000 to churches in Savannah.
In 2012, the couple reported a total income of about $163,700, which included about $14,420 in ordinary dividends. They claimed about $52,000 in itemized deductions and paid about $16,400 in taxes, or about 10 percent of their total income. The couple reported no foreign accounts or trusts but did receive a foreign tax credit as a result of dividend income received from mutual funds with multi-national companies and holdings.
That year, their listed assets were valued at between $1.8 million and $4 million, according to Kingston's congressional financial disclosure. The only liability listed was a mortgage on a second home in Alexandria, Virginia, between $250,000 and $500,000. In the disclosure, the couple reported unearned income between $130,000 and $288,000 from their investments.
In early May, Perdue released 10 years of his and his wife's federal tax returns. The couple's total income ranged from $24.8 million in 2007, when he left Dollar General, to about $229,700 in 2010. In 2012, the couple reported total income of about $693,500 from a combination of board compensation, dividends and capital gains. They claimed about $306,885 in itemized deductions and paid nearly $119,000 in taxes, or about 17 percent of their total income.
The couple also made annual charitable contributions, ranging from $40,000 in 2003 to just over $289,000 in 2011. The couple has pledged $1 million to his alma mater, Georgia Tech.
In 2012, the Perdues listed assets were valued at between $11.9 million and $48 million, according to his personal financial disclosure. Their only liability was a margin loan between $250,000 and $500,000. They also reported unearned income between $1.27 million and $7.26 million from their investments.
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