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McAuliffe releases 2012 tax form showing $9.4 million gross income

McAuliffe releases 2012 tax form showing $9.4 million gross income

Democrat reported income of $9.4 million; GOP dismisses information as insufficient

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Democratic gubernatorial candidate Terry McAuliffe reported adjusted gross income of $9.4 million last year, according to a 2012 tax summary released by his campaign Wednesday evening.

The McLean businessman and former Democratic National Committee chairman also claimed about $1 million in itemized deductions on the income and paid $2.74 million in taxes, according to the two-page Form 1040 provided by the campaign.

The release of the tax information fulfills an earlier promise made by McAuliffe’s campaign to release his tax summaries following pressure by Republicans and GOP rival Ken Cuccinelli to have the Democrat make his entire tax filings available for inspection by the media.

Cuccinelli produced eight years of complete tax filings earlier this year after an embarrassing episode in which he disclosed that he had neglected to list some gifts received from Star Scientific CEO Jonnie Williams Sr., the wealthy donor at the heart of the gift scandal engulfing Gov. Bob McDonnell.

The move was unprecedented among statewide candidates and led the Republican to challenge McAuliffe to do the same in the name of transparency. McAuliffe responded by releasing tax summaries for the previous three years and promised to release his 2012 numbers when he filed.

“Terry is continuing to go above and beyond Virginia’s requirements and traditions,” said McAuliffe spokesman Josh Schwerin. “In contrast, Ken Cuccinelli failed to disclose his gifts and stock holdings in Star Scientific even while his office was supposed to be pursing them for unpaid taxes.”

From 2009 to 2011, McAuliffe made about $16.5 million. The 2012 filing brings that total to roughly $25.9 million. His income dwarfed that of Cuccinelli, an attorney in private practice before becoming attorney general who took in $100,000 to $300,000 annually between 2005 and 2012.

Republicans have argued that detailed tax filings would shed light on McAuliffe’s politically connected business dealings, from which the Democrat has reaped millions.

GOP officials revisited the issue this week when the Oct. 15 extended deadline for filing passed, highlighting McAuliffe’s $47,000 stake as a passive investor in the venture of a Rhode Island estate planner who was later accused of defrauding terminally ill people.

“This is not going to cut it,” said Cuccinelli spokesman Richard T. Cullen, following the 2012 information release.

“By sharing two pages of wholly inadequate summaries with a few reporters, McAuliffe is once again insulting the intelligence of Virginians and showing that he is unwilling to come clean with the people he aspires to lead.”

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