Elizabeth Warren Paid Nearly One-Third of Her $1M Income in Taxes
- Sen. Elizabeth Warren released her tax returns for the last 10 years.
- Her returns show that, in filing jointly with her husband, they have sometimes paid a tax rate as high as 35.81 percent during those 10 years.
- The release of her tax returns has further fueled speculation of a 2020 presidential run.
Just one day after Massachusetts Democratic Sen. Elizabeth Warren called for stringent anti-corruption laws in Washington, she released her tax returns from 2008 through 2017 on Wednesday, fueling speculation that she will run for president in 2020.
According to the returns she filed jointly with her husband, Bruce H. Mann, the couple paid 29.39 percent of their adjusted gross income in taxes in 2017. For the 10-year period for which she released her returns, the couple’s actual tax rate ranged from a low of 26.52 percent on their 2012 tax return to a high of 35.81 percent in 2014.
Click to read more about why you shouldn’t assume you’re getting a tax refund.
Liz Warren Tax Returns
If Warren’s Anti-Corruption and Public Integrity Act passes, the IRS would have to release all congressional candidates’ tax returns for the previous eight years before they start campaigning as well as for each year they serve in office. In addition, the bill would prevent Congress members, presidents and other elected officials from working as lobbyists.
Below are Elizabeth Warren’s tax returns for the last 10 years, showing how much of her income goes toward taxes:
2017
- Adjusted gross income: $913,442
- Total tax: $268,484 (29.39% of income)
- Tax payments: $302,227
- Refund: $33,743
2016
- Adjusted gross income: $716,874
- Total tax: $204,227 (28.49% of income)
- Tax payments: $245,760
- Refund: $41,533
2015
- Adjusted gross income: $1,112,217
- Total tax: $368,672 (33.15% of income)
- Tax payments: $412,782
- Refund: $44,110
2014
- Adjusted gross income: $1,540,611
- Total tax: $551,656 (35.81% of income)
- Tax payments: $360,445
- Amount owed: $191,211
2013
- Adjusted gross income: $1,023,746
- Total tax: $329,848 (32.22% of income)
- Tax payments: $152,503
- Amount owed: $177,345
2012
- Adjusted gross income: $409,305
- Total tax: $108,559 (26.52% of income)
- Tax payments: $142,196
- Refund: $33,637
2011
- Adjusted gross income: $602,237
- Total tax: $160,847 (26.71% of income)
- Tax payments: $262,095
- Refund: $101,248
2010
- Adjusted gross income: $949,297
- Total tax: $273,105 (28.77% of income)
- Tax payments: $298,122
- Refund: $25,017
2009
- Adjusted gross income: $978,560
- Total tax: $286,428 (29.27% of income)
- Tax payments: $293,043
- Refund: $7,202
2008
- Adjusted gross income: $829,254
- Total tax: $238,915 (28.81% of income)
- Tax payments: $223,511
- Amount owed: $15,404
Understand: This Is Where Your Tax Dollars Actually Go
Roll Call estimates Elizabeth Warren’s net worth at $4.7 million, making her the 69th wealthiest member of Congress. As a U.S. senator, Warren pulls in $174,000 per year, and she received a $525,000 advance for her 2014 book, “A Fighting Chance,” according to CNN. In addition, she has published books on topics such as credit and bankruptcy that earned her $60,400 in royalties. In 2016, $224,000 of the couple’s $717,000 adjusted gross income came from Warren’s practices of writing, lecturing, consulting or investing.
Read: The Richest Politician in Every State
Liz Warren 2020?
Elizabeth Warren has not made a formal announcement stating that she will run for president in 2020, but many believe she will. A recent survey by Morning Consult and Politico found that Warren would edge out President Donald Trump 34 percent to 30 percent among registered voters, although 36 percent of voters didn’t know or had no opinion.
Click through to read more about tax loopholes and strategies the rich don’t want you to know.
Barri Segal contributed to the reporting for this article.
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