De Blasio Releases Tax Returns; Paid Effective 8.3% Rate

Tyler Durden's picture

Mayor Bill de Blasio is the first New York City mayor to release his tax returns in 12 years, according to the WSJ. de Blasio earned $165,000 as public advocate last year and brought in an additional $52,000 in rent on a second home he owns in Park Slope, according to his 2013 tax returns. Mr. de Blasio’s effective tax rate was 8.3%.

As WSJ reports, Mr. de Blasio’s predecessor, Michael Bloomberg, a billionaire who served as mayor from 2002 through 2013, released highly redacted copies of his return that gave scant information about his net worth.

In 2001, during Mr. Bloomberg’s first campaign for mayor, he lost his temper on the steps of City Hall when pressed by a reporter about why he was refusing to release his returns when his opponents had released their IRS filings.

 

“That’s fine,” Mr. Bloomberg snapped. “They don’t make anything.”

Which means, Mr. de Blasio is the first city mayor in 12 years to release a full copy of his tax returns.

New York City Mayor Bill de Blasio and first lady Chirlane McCray reported $165,047 in total income last year, according to a copy of their joint tax return released on Tuesday.

 

...

 

Mr. de Blasio’s effective tax rate was 8.3%.

 

...

 

The federal and state filings, released by his aides on Tuesday afternoon, show de Blasio and his wife, Chirlane McCray, reported receiving $52,000 in rent last year on the property where his mother lived before her death.

 

Despite their earnings, they reported taking a $6,493 loss on the home, because they paid $28,758 in mortgage and said the home depreciated by $21,547, according to tax code.

 

...

 

According to the return, the city’s first couple reported $5,597 in gifts to charity, roughly 3% of their total income.