Gillibrand releases five years of tax returns

Sen. Kirsten Gillibrand (D-N.Y.) has released five years of federal and state income tax returns on her website — the first senator to release returns from her entire public career, according to her office.

Spokesman Glen Caplin said that Gillibrand wanted to contribute to the “ongoing national debate” about releasing returns.

Democrats have been pressuring GOP presidential candidate Mitt Romney to release 10 years of his tax returns, including his time in private life.

But Democratic leaders, such as House Minority Leader Nancy Pelosi (D-Calif.), have refused to release their own returns.

“Whether by passing legislation to ban any insider trading by members of Congress, or leading by example through posting my schedule and financial information to my website, New Yorkers deserve to know their interests are my only interests. I will always look for new ways to further my commitment to transparency,” the senator said in a statement.

Members of Congress are required to release personal financial disclosure forms but those only give ranges, rather than exact figures.

Gillibrand filed her 2011 taxes jointly with her husband, Jonathan, who is a financial adviser, and had an combined adjusted gross income of $165,614 — less than her Senate salary of $174,000. Gillibrand's husband did not record wage income, something not uncommon in the finance industry.

Gillibrand took a large pay cut when she stopped practicing law and joined the House of Representatives. She is favored to win election her election this fall against GOP challenger Wendy Long.

The numbers released by her office:

2011
Adjusted Gross Income $165,614
New York State taxes paid $9,735
Federal taxes paid $28,828
Effective Tax Rate/Avg. Effective Tax Rate for Income Bracket*: Gillibrand Rate: 17%, Average Rate: 12%
 
2010
Adjusted Gross Income $148,246
New York State taxes paid $7,183
Federal taxes paid $21,286
Effective Tax Rate/Avg. Effective Tax Rate for Income Bracket*: Gillibrand Rate: 14%, Average Rate: 12%
 
2009
Adjusted Gross Income $194,902
New York State taxes paid $10,049
Federal taxes paid $33,276
Effective Tax Rate/Avg. Effective Tax Rate for Income Bracket*: Gillibrand Rate: 17%, Average Rate: 12%
 
2008
Adjusted Gross Income $397,792
New York State taxes paid $25,022
Federal taxes paid $103,990
Effective Tax Rate/Avg. Effective Tax Rate for Income Bracket*: Gillibrand Rate: 26%, Average Rate: 19%
 
2007
Adjusted Gross Income $198,163
New York State taxes paid $10,547
Federal taxes paid $30,501 
Effective Tax Rate/Avg. Effective Tax Rate for Income Bracket*: Gillibrand Rate: 15%, Average Rate: 12%

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