Tim Kaine of Virginia, during a rally in Columbus, Ohio, July 31, 2016.
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The Clintons made a combined $10.6 million in 2015, paying an effective federal income tax rate of 34.2% – $3.24 million in federal taxes previous year. Clinton’s tax filings show that she and Bill Clinton donated just over $1 million to charity a year ago, the bulk of which went to the Clinton Foundation.
The bulk of their income came from speeches delivered to corporate and interest groups, which paid Bill Clinton and later Hillary Clinton after she resigned as secretary of state in early 2013. “It’s both possible and legal that Donald Trump would pay little or no income tax”, said Len Green an accountant from the Green Group to The NY Times.
“Hillary Clinton and Tim Kaine continue to set the standard for financial transparency”, Clinton campaign communication director Jennifer Palmieri said Friday.
Meanwhile, Democrats have happily filled the void with speculation that Mr Trump is not giving as much to charity as he claims, is not as wealthy as he has made out, is trying to hide embarrassing business connections at home or overseas.
Kaine also released his returns dating to 2006, while the Clintons released all of their annual tax returns going back to 1977. The couple earned more than $10m in 2015, the documents say.
The IRS says Trump is free to release his tax returns even while undergoing an audit. Every major-party nominee since the late 1970s has released tax returns before Election Day.
Daniel Shaviro, professor of New York University Law School, told National Public Radio that Trump’s lawyer may have advised him not to release the returns until the audit is over.
What might be in Trump’s tax return?
The release is part of an effort to undercut Mr Trump’s character by questioning the businessman’s record. Bill Clinton made more $5.25 million in speaking fees, while his wife made almost $1.5 from paid speeches. This means that 30.6 percent of the couple’s income went to taxes, which is on par with the 32 percent they paid to taxes in 2014. Though they were once seen as relatable to average Americans, polls suggest that many voters now see them as out of touch.
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The Kaines between 2006 and 2015 paid a combined federal, state and local effective tax rate between 18.7 percent and 29.1 percent. They brought in a combined $28 million that year. Apparently the $100 entry is residuals from Bill Clinton’s iconic 1988 appearance on The Tonight Show, where he played the saxophone, joked about his awful speech at that year’s Democratic convention and generally resurrected his political career.
