Senate Candidate James Releases Taxes; Dewhurst Releasing Taxes Friday | KERA News

Senate Candidate James Releases Taxes; Dewhurst Releasing Taxes Friday

Jan 26, 2012

Wealthy Republican Senate Candidate David Dewhurst says he’ll release some of this tax records today. KERA’s Shelley Kofler says Dewhurst’s announcement follows opponent Craig James release of five years of returns yesterday and a challenge for his GOP opponents to do the same.

James: I have opted to step into this arena of public service. Therefore it’s important for me to open up so people get to know all they can about me.

What voters learn from five years of Craig James’ tax returns is that while he’s still a high wage earner, his ranching and real estate businesses have been hammered. He blames the economy.

In 2006 James’ taxable income topped $4.2 million but it’s declined each year since. In 2010 he earned one-sixteenth that amount, just under $257,000.

In 2010 James gave a little over $20,000 to charities including several Baptist churches, Texas Tech University and the conservative Texas Public Policy Foundation. In some of his biggest earning years he gave much less.

Annual taxes paid ranged from 8.6% to just over 15 % of adjusted income.

As James challenged his GOP opponents to lay out their taxes, warts and all, he acknowledged that getting into the race late means he has a lot of catching up to do.

James: We need money no question about that. But call me stubborn, hard-headed, Mr. Smith goes to Washington. I am prayful people will step up and not allow a seat to be bought at the table in Washington. That’s a problem.

With that comment James seemed to be taking a swipe at opponents David Dewhurst whose personal wealth is estimated at some $200 million and Former Dallas Mayor Tom Leppert reported to be worth at least $12 million. Another top Republican battling for the nomination is the state’s former solicitor general Ted Cruz who has reported raising over a million dollars in the final quarter of last year.

James will have to reveal how much money he’s raised at the end of this month.

Related Link: Craig James' (2006-2010) tax returns