King Releases Tax Returns, Raimondo Won't

General Treasurer candidate Kerry King, a Republican, released his tax returns yesterday, while his Democratic opponent Gina Raimondo, refused. Raimondo stood by her decision even after a GoLocalProv investigation raised questions about how much money she was making from $5 million the General Treasurer has invested in her venture capital firm.

King said he was releasing his returns because the public deserved to know that their next General Treasurer will not use the office for personal benefit or to help friends.

“Gina Raimondo preaches transparency but refuses to practice it. We need new leadership in Rhode Island that is open, honest, and respects the tax payers. No more special interests—no more back door deals,” King said. “You cannot be a person in charge of people’s money and refuse to disclose how you make your living.”

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His tax returns show that he had a total income of $250,475 in 2009. Besides earning a salary of $104,622 while serving as chief legal advisor to Gov. Don Carcieri, King also received $93,985 from a pension and annuities, $20,032 in Social Security, and $28,584 in dividends.

Raimondo didn’t back down from her position that releasing her returns would reveal what her two business partners earn, which she says would violate their privacy.

A GoLocalProv investigation has shown that their firm, Point Judith Capital Partners, has received a $5 million investment from the state pension fund, which is managed by the General Treasurer. Raimondo has said she will avoid any conflict of interest by resigning from Point Judith and cutting off her financial ties with the firm—but only if she is elected, not during her campaign.

But King said taxpayers need to know how she is making her money before she is elected.

“Raimondo’s companies have made money from the State of Rhode Island Pension plans,” King said. “Instead of transparency, Raimondo is protecting her partners. What do her partners have to do with her income? It is time Rhode Island gets a government that is honest, open and willing to do what’s right for the taxpayers of Rhode Island.”

Raimondo’s firm earns its money by investing money in start-up companies in several industries, including energy, health care, Internet, and software. Her firms manages about $100 million worth of investments—including the money the General Treasurer has invested with her firm. Her firm will receive 20 percent of the profits from the $5 million in state money that it is investing.

Instead of making her tax returns public, Raimondo said yesterday that she would release more information about her sources of income.

“I’m glad to see my opponent is taking the issue of transparency seriously,” Raimondo said. “I am releasing my personal financial disclosure in the next several weeks which will have a detailed list of my entire personal stock portfolio and will provide voters with a completely transparent picture of my personal finances.”

She will also file a Yearly Financial Statement and Financial Disclosure Form with the State Ethics Commission in two weeks, according to campaign manager Joe Shekarchi. He said those documents would show her and her husband’s sources of income, their personal stock holdings, investments, and liabilities.

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