Jeb Bush on Tuesday released 33 years of tax returns, a significant move in light of the political damage the issue caused Republican presidential nominee Mitt Romney in 2012.
Bush, the former Florida governor and the son and brother of the two most recent Republican presidents, announced his 2016 campaign in mid June. Bush’s statement about the release of his tax returns might not have been written with Romney in mind. But it could have been. Bush said he was releasing more than three decades of information on his earnings to show the voters how he made his living and how much of it he paid in taxes to the federal government.
In 2012, Romney wavered on whether he would release his tax returns, eventually making available his 2011 returns, along with the average state and federal tax rates he had paid since 1990.
Before Romney made that information available, the Democrats spent months hammering the wealthy businessman and former Massachusetts governor for trying to hide information on his earnings that the voters would find unsavory. Harry Reid of Nevada, the top Democrat in the U.S. Senate, famously charged that Romney was refusing to publicize his tax returns because he had never paid any federal income tax, citing anonymous sources. After months of pressure, Romney held a news conference to dispel Reid’s accusations.
Here is Bush’s full statement on the release of his tax returns.
“Most of my adult life has been spent in the private sector — not in government. It’s been a rewarding and full life. I’ve been blessed by having a wonderful family, the best business partners a man could ask for, and opportunities that are out of reach for too many Americans,” said Governor Bush. “In the spirit of transparency, this release will show voters how I earned a living over the past three decades and how much of that living I paid in taxes to the federal government. Like most Americans, I know it is time for a flatter, fairer tax code. The labyrinth of rules and special interest carve outs need to go. One thing you can count on if I’m President is that it will finally be addressed. It’s critical if we are going to ensure more people have a chance at earned success.”
Bush’s average effective tax rate since the early 1980s is 36 percent, “a rate that exceeds the Clintons’ 2014 tax rate even though they had a higher income than Governor Bush,” according to a press release issued by his campaign.
Also from the Bush campaign’s release:
“Since leaving office, Governor Bush and Mrs. Columba Bush have made significant contributions to charitable organizations through both personal donations and funds raised. Together they have donated $739,511 since Governor Bush left office and helped raise $1,043,164 for Florida Coalition Against Domestic Violence, $7,480,000 for The Cystic Fibrosis Foundation, $17,000,000 for the Barbara Bush Foundation Celebration of Reading and $46,000,000 for The Foundation For Excellence In Education.”
Disclosure: The author’s wife works as an adviser to Scott Walker.
