Presidential candidate Tom Steyer released 2,683 pages of tax returns from 2009 through 2017, providing a glimpse into the billionaire’s vast personal fortune as well as his charitable and political giving.
Taxable income for Steyer and his wife Kat Taylor totaled nearly $1.2 billion over the nine-year period, the returns show, while their taxable income was $959.5 million over that period, according to a campaign memo. The couple paid $405.3 million in federal and California state taxes for those years, according to the memo.
Steyer’s highest-earning year of the nine was 2010, when he brought in almost $176 million, and the lowest-earning year was 2009 with just under $61 million. In 2017, he brought in almost $148 million.
“Tom believes it is important to provide voters with an understanding of his role in the private sector, which he has since left behind to work for the public good,” a memo from Steyer’s campaign said. He plans to release his 2018 return once it is filed with the IRS this year.
Forbes estimated earlier this year that the hedge fund king is worth an estimated $1.6 billion, about half as much as President Trump, who Forbes places at $3.1 billion.
Most of the pages of returns are tax records for organizations and nonprofit groups started by Steyer. He and his wife in 2010 committed to giving away a majority of their wealth to charitable causes in their lifetimes. From 2009 to 2017, they have given $190 million in charitable contributions, the campaign said.
From 2009 to 2017, Steyer gave more than $526 million to political causes, according to a campaign memo. That includes his 502(c)4 NextGen America climate advocacy organization, his Need to Impeach organization that advocates for Trump’s impeachment, political candidates, and party committees. He does not count political giving toward his charitable giving pledge.
Trump has declined to release his tax returns, breaking a long tradition of presidents and White House candidates. Congressional Democrats are suing for access to the records. A new California law, aimed at the president, requires presidential candidates to release their tax returns to appear on the state’s primary ballot. Trump’s lawyers are challenging the law in court.
Though many presidential candidates release their tax returns, they are not legally required to do so to seek the office. Presidential hopeful and Vermont Sen. Bernie Sanders released only one year of tax returns during his 2016 presidential bid, but he released a decade’s worth of returns in April.
