Steyer tax returns show $146 million in 2017 income

Steyer tax returns show $146 million in 2017 income
© Greg Nash

White House hopeful Tom SteyerTom Fahr SteyerSouth Carolina woman behind popular Obama slogan says she backs Steyer Overnight Energy: Sanders scores highest on green group's voter guide | Trump's latest wins for farmers may not undo trade damage | Amazon employees defy company to speak on climate change Steyer would have owed M more in taxes under lawmakers' proposal: liberal group MORE on Thursday released his tax returns from 2009 to 2017, confirming the former hedge fund manager's significant income.

Steyer and his wife, Kat Taylor, filing jointly, made $146.3 million in adjusted gross income in 2017 and paid total federal taxes of $32.5 million, easily making him the biggest earner among the crowded field of Democrats running for president.

The couple's adjusted gross income in 2017 was higher than it was the preceding year, when the two made $80.4 million.

ADVERTISEMENT

In 2012, Steyer's final year as the head of investment firm Farallon Capital Management, he and his wife made $174.3 million.

The couple has signed the Giving Pledge, a commitment from billionaires to donate a significant portion of their wealth. 

The campaign also said that Steyer ramped up his political involvement in the past decade.

In 2009, the couple gave $52,500 to political activities. In 2016, that number surged to $139.6 million.

In 2017, a non-election year, the couple gave $65.4 million to political activities, according to the memo from Steyer's campaign.

Many of the other Democratic presidential candidates released their tax returns earlier this year. 

Before Steyer's disclosure, former Vice President Joe BidenJoe BidenWarren: Dershowitz presentation 'nonsensical,' 'could not follow it' Bolton told Barr he was concerned Trump did favors for autocrats: report Dershowitz: Bolton allegations would not constitute impeachable offense MORE's reported income of $15.6 million in 2017 and 2018 was the biggest among prominent 2020 candidates including Sens. Bernie SandersBernie SandersGOP Iowa senator suggests Trump impeachment defense could hurt Biden at caucuses On The Money: Stocks close with steep losses driven by coronavirus fears | Tax season could bring more refund confusion | Trump's new wins for farmers may not undo trade damage Sanders launches first TV ads in Nevada MORE (I-Vt.) and Elizabeth WarrenElizabeth Ann WarrenWarren: Dershowitz presentation 'nonsensical,' 'could not follow it' On The Money: Stocks close with steep losses driven by coronavirus fears | Tax season could bring more refund confusion | Trump's new wins for farmers may not undo trade damage Overnight Energy: Sanders scores highest on green group's voter guide | Trump's latest wins for farmers may not undo trade damage | Amazon employees defy company to speak on climate change MORE (D-Mass.).

Sen. Kamala HarrisKamala Devi HarrisBiden leads 2020 pack in congressional endorsements Harris on 2020 endorsement: 'I am not thinking about it right now' Panel: Is Kamala Harris a hypocrite for mulling a Joe Biden endorsement? MORE (D-Calif.) and her husband reported the next highest income in 2018, at just under $1.9 million.

Democrats have been releasing their returns in an effort to argue that they are more transparent than President TrumpDonald John TrumpWarren: Dershowitz presentation 'nonsensical,' 'could not follow it' Bolton told Barr he was concerned Trump did favors for autocrats: report Dershowitz: Bolton allegations would not constitute impeachable offense MORE. In 2016, the president became the first major-party nominee to refuse to make his tax returns public.

Steyer has used his personal wealth to funnel more than $10 million into digital and television advertisements since entering the race in July.

Although that investment helped get him to the 130,000 individual donor threshold needed to qualify for the third and fourth Democratic primary debates, he was one qualifying poll short of making it to the Democratic primary debate stage on Sept. 12. 

Steyer still has a chance to qualify for the fourth debate in October.