Following the lead of her two Republican rivals, GOP Senate candidate Carly Fiorina released her 2008 tax return Wednesday showing that she and her husband had joint income of more than $2.75 million that year.
FOR THE RECORD: An earlier version of this article said the Fiorinas own a condo at the Ritz-Carlton Hotel, as well as residences in the Georgetown section of Washington, D.C. In fact, the condo is at the Ritz-Carlton Hotel and Residences, which is in Georgetown; they do not own any other residences in the Washington area.
She and her husband paid $375,557 in state and local income taxes and $87,157 in real estate taxes in 2008. Fiorina has received an extension on her 2009 taxes and has not yet filed a return, campaign officials said.
The former Hewlett-Packard CEO’s finances have been the subject of intense interest as she vies with two other Republican candidates to unseat the incumbent, Democratic Sen. Barbara Boxer. When she was fired from Hewlett-Packard in 2005, Fiorina walked away with more than $21 million in severance.
Since she entered the race for Senate, political rivals and analysts have speculated about to what extent Fiorina would use her personal funds to replenish her campaign coffers in her hard-fought primary race against former Rep. Tom Campbell and Orange County Assemblyman Chuck DeVore. After entering the race last fall, Fiorina lent her campaign $2.5 million, but she has not revealed whether she plans to dip further into her personal assets before the June 8 primary.
On their 2009 tax returns, which were released in recent days, DeVore reported $96,524 in income, and Campbell, who filed separately from his wife, reported earning $140,283 from his post as a professor at Chapman University. Campbell also took in more than $712,000 as a director of Form Factor Inc. and the Visa International Service Assn. He resigned from both boards to run for office.
Fiorina’s financial disclosure forms filed with the Senate Ethics Committee in December indicated that she and her husband had publicly traded and non-publicly traded assets of between $27.7 million and $121 million. Those assets would make her one of the wealthiest members of Congress if she were to win.
The Fiorina campaign did not include all of the supporting documentation in the 53-page release of tax forms Wednesday. The information released, however, showed that she declared nearly $1.7 million in business income from a consulting business in 2008.
She also declared $888,961 in gross income as a director of the Taiwan Semiconductor Manufacturing Co. Disclosure forms filed with the secretary of the Senate covering 2008 and 2009 indicated that she earned nearly $1.3 million from the Taiwan company over that period. She resigned her director’s position in November around the time she launched her Senate campaign.
Her 2008 tax return shows significant losses during the midst of the economic downturn. Though she took in more than $1.4 million from interest and dividends, she sold about $11.6 million in investments and took a loss of $3.7 million.
Among her holdings, according to the Senate disclosure forms, are $11 million in municipal bonds generating about half a million dollars in interest annually, $4.5 million in Goldman Sachs hedge funds and a personal portfolio of stock holdings valued at about $726,000. The Fiorinas own an estate in Los Altos Hills and a condominium valued at $3.6 million in the Ritz-Carlton Hotel and Residences in the Georgetown section of Washington, D.C.
Fiorina listed more than $481,000 in charitable donations in 2008. About $5,100 was in cash, and the bulk was in the form of 13,000 shares of Hewlett-Packard stock that were transferred to the AYCO Charitable Foundation in Latham, N.Y. AYCO distributed donations to six charities, according her campaign.