Tax information released Friday afternoon by U.S. Senate Candidate and Lieutenant Governor David Dewhurst show generous gifts to charity and tax payments that seem sizeable. But without analysis of some 500 pages of supporting details still being provided it’s difficult to fairly characterize Dewhurst’s tax payments.
Following is information provided from his two most recently completed tax returns:
Adjusted gross income $1,010,218.
Total taxes $ 443,646
Gifts to charity $1,199,869
Adjusted gross income $(1,485,642) loss
Total taxes $ 281,188
Gifts to charity $ 933,884
Dewhurst said tax losses reported in 2009 are related to oil drilling and pipeline costs for his Falcon Seaboard business. He expects to report income of about $5 million for 2011.
Among the many charities to which Dewhurst and his wife Patricia have donated are the Boy Scouts of America; the Houston Symphony; the Cystic Fibrosis Foundation and Biblica, a group that translates and distributes Bibles worldwide.
Dewhurst is the wealthiest of the Republican candidates running to replace Kay Bailey Hutchison in the U.S. Senate with wealth valued at some $200 million.
His release of tax information Friday followed opponent Craig James release of five years of tax returns Thursday. Other leading GOP contenders Tom Leppert and Ted Cruz have not released their tax records.