From: cnn.com, by Eugene Scott, Chris Frates and Theodore Schleifer, on Feb 27, 2016, see the article HERE.
Washington (CNN)Florida Sen. Marco Rubio and Texas Sen. Ted Cruz released income and federal tax data Saturday as part of an attempt to pressure Donald Trump, the Republican presidential front-runner, to do the same.
Rubio released five years’ worth of financial information, saying the rates his family paid were in line with tax rates paid by Americans of similar income levels. And Cruz and his wife disclosed four years’ worth, bringing in more income than did the Rubio family.
But both campaigns only released the top lines of the forms, not the complete documents, providing only a limited look at their finances. Democrats and some Republicans quickly pounced on Rubio and Cruz for the limited release.
The moves from Cruz and Rubio come as Trump is under pressure to release his tax returns. 2012 GOP nominee Mitt Romney warned there could be a “bombshell” in Trump’s documents. Trump has so far declined to release his tax information, saying he’s being audited.
“It is time to stop the excuses,” Cruz said in a statement. “If Donald is embarrassed about his tax returns, it’s up to the voters to assess the facts.”
When asked about why only summaries were released, Cruz offered to disclose more information if other candidates did.
“If Marco wants to release the complete thing for the recent years, I’m happy to do so as well and I would certainly encourage Donald Trump to do it, but we just did it to match what the other candidates are doing,” Cruz told reporters.
Rubio promised to release additional tax information in the future, but wanted to get the summaries out for the sake of time.
“We’ll do the rest too,” Rubio told reporters. “We just wanted to get it out there quickly so people could see the summaries.”
Cruz and his wife Heidi, a Goldman Sachs executive in Houston, made about $5 million from 2011 to 2014, the documents show. They paid about $1.5 million in taxes on that money, according to the joint returns.
The effective tax rate on that money ranged in those years from 28.54% to 32.22%, according to the campaign.
The couple’s top grossing year was 2011, when they together earned $1.73 million. That figure fell to $970,000 in 2013, Cruz’s first year in the Senate.
Prior to 2013, the Cruz family made much of their money in 2011 and 2012 through means other than wages and salaries, banking about $2.1 million. Because the returns were incomplete, it was not immediately clear how the income was earned. In 2013 and 2014, their income came from more traditional wages and salaries.
Rubio reported less income at points. Rubio’s campaign said on its website that the family has earned $2.29 million since 2010, paying a total of $526,092 in taxes on that income. The campaign published joint federal tax returns from Rubio and his wife, Jeanette.
Trump’s not going to release his tax records, why? Come to your own conclusions. He doesn’t take kindly to anyone suggesting that his wealth is anything less than what he professes it to be.
He’s already sued Timothy O’brien when O’brien claimed in a book that Trump’s net worth was about 1/20th of the figure Donald was quoting. Trump sued (for $5 billion dollars), saying that those low figures cost him business deals and hurt his reputation. The judge dismissed the suit and Trump later lost on appeal. The court concluded that Trump was an untrustworthy source for estimates of his own net worth. If Trump refused to provide his tax returns while losing a $5 billion dollar lawsuit, he’s not likely to produce them now.
If Trump does release his tax returns (don’t bet the farm on it) and his net worth is even close to what he professes, I’ll be happy to volunteer a public apology and call for Cruz and Rubio to do the same.