Sunday, April 20, 2014

Follow us:
Follow @NY1 on Twitter Subscribe to this news feed 


Spitzer Releases Part Of His Federal Tax Returns

  • Text size: + -
TWC News: Spitzer Releases Part Of His Federal Tax Returns
Play now

Time Warner Cable video customers:
Sign in with your TWC ID to access our video clips.

  To view our videos, you need to
enable JavaScript. Learn how.
install Adobe Flash 9 or above. Install now.

Then come back here and refresh the page.

Under pressure, Eliot Spitzer is releasing copies of his tax returns for the last two years, but his limited disclosure is not enough for his rival in the race for city comptroller. NY1's Josh Robin filed the following report.

Eliot Spitzer hopes this settles it.

His campaign is divulging the first two pages of his 2012 and 2011 tax returns. It shows that Spitzer and his wife paid a federal tax rate of 27 percent last year. With state and local taxes, aides said the family actually paid nearly half their income in taxes.

The release comes after Spitzer refused to put out any forms, prompting opponent Scott Stringer to put out his first ad. Made only for the web, it had a limited impact, but clearly, Spitzer didn't want to be seen as hiding anything, especially since as a television commentator, the former governor rapped Mitt Romney for hiding his own taxes.

The criticism of Romney was whether he was taxed at a far lower rate than many Americans. Much of his money came from investments, which carries a lower rate. Spitzer's forms show that wasn't the case with him.

He talked about it on the radio.

"I paid a lot of taxes. A lot of taxes," Spitzer said. "Now, I had criticized Mitt Romney for not releasing his tax returns when it became evident that the tax rate he paid was down about 10 percent, and people said, 'Wow! How did he do that?' And he had off-shore accounts and all the other stuff."

Because Spitzer only released two pages from each year, it's impossible to know from there where he invests, but a separate form filed Wednesday with the city showed he makes millions of dollars from his family real estate business and has no debts.

Spitzer's campaign said additional information is private.

Opponent Scott Stringer said he's not satisfied.

"You order a hamburger and you get two buns, and there's no meat. What do you do? You send it back and say, 'Give me the burger,'" Stringer said.

Stringer has released his entire return, something that Spitzer has done in the past. ClientIP:, UserAgent: CCBot/2.0 ( Profile: TWCSAMLSP