Tim Ryan releases 10 years of tax returns

Tim Ryan releases 10 years of tax returns
© Greg Nash

Rep. Tim RyanTimothy (Tim) RyanThe Hill's Coronavirus Report: HHS Secretary Azar says US plans to have tens of millions of vaccine doses this fall; Kremlin allegedly trying to hack vaccine research Democrats see victory in Trump culture war House Democrat calls for 'real adult discussion' on lawmaker pay MORE (D-Ohio) on Monday released 10 years of his tax returns, becoming the latest 2020 Democratic presidential candidate to release the documents in order to draw a contrast with President TrumpDonald John TrumpUSPS warns Pennsylvania mail-in ballots may not be delivered in time to be counted Michael Cohen book accuses Trump of corruption, fraud Trump requests mail-in ballot for Florida congressional primary MORE.

“Full and complete transparency with the American people is paramount to Congressman Tim Ryan,” a spokesperson for the candidate said in a statement. “He understands that unity is built on trust earned with honesty and respect."

"While President Trump’s lies are designed to fracture our communities and distract from his own failures – Tim Ryan knows that America is stronger. And he’s committed to restoring the unity and trust our country deserves.”

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Trump in 2016 became the first major-party presidential nominee to not release his tax returns. Democratic presidential candidates have been making their tax-returns public an effort to argue that they are more transparent about their finances than the president.

Ryan released his tax returns from 2009 to 2018.

Ryan's 2018 return shows that he and his wife, Andrea, had adjusted gross income of $220,754. Most of their income came from the candidate's congressional salary and his wife's income as an elementary-school teacher.

The couple had total taxes of $31,440, for an effective tax rate of 14.2 percent.

People filed their 2018 tax returns this year, and those returns are the first that reflect Trump's tax-cut law, which every congressional Democrat opposed. The Ryans appear to have gotten a tax cut under the law: Their adjusted gross income in 2018 was almost $2,000 higher than it was in 2017, but they had about $4,000 less in total tax in 2018.

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Ryan and his wife appear to have benefited from the GOP tax law's expansion of the child tax credit, which they claimed in 2018 but were not eligible to claim in 2017. The tax law increased the income level for which the credit phases out from $110,000 for a married couple to $400,000.

The Ryans took the standard deduction of $24,000 for 2018. They claimed $28,170 in itemized deductions for 2017, including $1,500 in charitable contributions.

Besides Ryan, a host of other 2020 Democratic presidential candidates have released their returns. Those candidates are: Sens. Bernie SandersBernie SandersChris Wallace: Trump struggling with attacks on 'shape-shifter' Harris Kamala Harris: The outreach Latinos need Biden and Harris seen as more moderate than Trump and Pence: poll MORE (I-Vt.), Elizabeth WarrenElizabeth WarrenChris Wallace: Trump struggling with attacks on 'shape-shifter' Harris Markey riffs on JFK quote in new ad touting progressive bona fides Howard Kurtz: Kamala Harris 'getting walk on water coverage' by media after VP pick MORE (D-Mass.), Kamala HarrisKamala HarrisHarris to host virtual Hollywood campaign event co-chaired by Reese Witherspoon, Mindy Kaling Democrats hammer Trump for entertaining false birther theory about Harris Hillicon Valley: 'Fortnite' owner sues Apple after game is removed from App Store | Federal agencies seize, dismantle cryptocurrency campaigns of major terrorist organizations MORE (D-Calif), Cory BookerCory Anthony BookerOn The Money: Pelosi, Mnuchin talk but make no progress on ending stalemate | Trump grabs 'third rail' of politics with payroll tax pause | Trump uses racist tropes to pitch fair housing repeal to 'suburban housewife' The Hill's Campaign Report: Biden, Harris make first public appearance as running mates Booker hits back at Trump tweet, mocks misspelling of name MORE (D-N.J.), Kirsten GillibrandKirsten GillibrandIn the next relief package Congress must fund universal COVID testing Expanding our health force can save lives and create jobs simultaneously Sanders offers bill to tax billionaires' wealth gains during pandemic MORE (D-N.Y.) and Amy KlobucharAmy KlobucharElection security advocates see strong ally in Harris The Hill's Morning Report - Presented by Facebook - The choice: Biden-Harris vs. Trump-Pence California Democrats back Yang after he expresses disappointment over initial DNC lineup MORE (D-Minn.), former Rep. Beto O'RourkeBeto O'RourkeBeto O'Rourke calls Texas GOP 'a death cult' over coronavirus response Hegar, West to face off in bitter Texas Senate runoff Bellwether counties show trouble for Trump MORE (D-Texas) and Washington Gov. Jay InsleeJay Robert InsleeHarris climate agenda stresses need for justice OVERNIGHT ENERGY: Watchdog report raises new questions for top Interior lawyer | Senate Democrats ask Trump to withdraw controversial public lands nominee | Border wall water use threatens endangered species, environmentalists say Why a rising star is leaving Congress MORE (D).