ALBANY — Republican candidate for governor Marc Molinaro on Thursday released his tax returns, aiming to put some detail to his campaign narrative of being a middle-class guy running for chief executive while balancing high property taxes and saving for his kids’ college education.
The tax returns for the 2017 fiscal year showed that Molinaro and his wife, Corinne Adams, reported $174,048 in adjusted gross income, most of it from Molinaro’s $139,883 salary as Dutchess County executive. Adams is the director of marketing at Tinkelman Architecture in Poughkeepsie, according to the company’s website.
A week ago, Gov. Andrew M. Cuomo released his 2017 tax returns, which showed that he made $212,776 in salary and income from investments, much of which are in a blind trust. For 2016, Cuomo reported total income of about $400,000 for the 2016 fiscal year. That included his governor’s salary of about $168,000, plus $218,000 from the final installment of royalties for his 2014 book, “All Things Possible.”
Molinaro and Adams paid $22,539 in federal income taxes and $9,321 in state income taxes.
Cuomo paid $41,765 in federal income taxes, $12,782 in state income taxes.
Cuomo’s Democratic primary opponent, Working Families Party candidate Cynthia Nixon, said Monday that she will release her returns this week. Nixon is an activist and actress.
The design and contracting firm that Molinaro’s wife works for doesn’t appear to have state contracts. Its clients include major businesses, nonprofit organizations and some local governments.
In addition to their home in Red Hook, a small town in Dutchess County, the Molinaros reported that they own a single-family rental property there. The second home, a three-bedroom Cape Cod, cost $203,000 in 2015.
Molinaro withdrew $6,997 from an individual retirement account last year to use for a down payment on his new house, his spokeswoman said. He had remarried in 2015, the spokeswoman said.
Molinaro, 42, reported that he and Adams, 30, paid $9,262 in property taxes for their home and $8,696 for the rental property.
They reported collecting $27,000 in rent, or about $2,250 a month. But after paying the mortgage, taxes and other costs, the couple reported an $8,217 loss on the property for 2017.
Cuomo doesn’t report any property tax payments on his return. He said he splits the cost of property taxes with his longtime partner, a food TV host and author Sandra Lee, in her Westchester home that is worth more than $1 million.
“The governor says he ‘feels’ the pain of the high property taxes that are crushing New Yorkers: Prove it,” Molinaro said Thursday. “It’s time New Yorkers had a governor who knows how difficult it is to live in New York.”
Cuomo’s press secretary, Abbey Fashouer, criticized Molinaro, a former assemblyman, for not releasing several more years of tax returns, as some candidates for governor, including Republican George Pataki, have done in the past. She called Molinaro a “Trump mini-me,” referring to the president, who has refused to release his tax returns.
“Voters have a right to know if Marc Molinaro had outside income while serving in Albany, what the source of that income was, and any potential conflicts that could exist,” Fashouer said.”
Molinaro and Adams also took a $600 federal child care credit.
According to their tax return, the couple set aside $2,406 in the state College Choice Tuition Savings Program and have saved a total of $23,000 in the fund so far. The state program has tax incentives that help families save for college costs.
Molinaro and Adams declared $1,000 in charitable contributions through donated furniture, clothing and household items to Young Mission Outreach in Poughkeepsie. Cuomo contributed $11,000 to charity, all of which went to the HELP USA organization he founded, which fights homelessness.