Ted Cruz breaks tax release promise; Rubio set to make IRS filings public

Update 2 – 2/28, 10:19 a.m. EST: Ted Cruz released incomplete filings with the IRS Saturday, covering four years between 2011 and 2014. The documents show Texas’ junior senator and his wife Heidi earned $5 million over that period of time, and paid an average federal tax rate of 29.9 percent.

Similar to Rubio, the Cruzs’ tax returns do not show sources of income, or if any deductions were claimed.

Update – 7:25 p.m. EST: Politico is reporting that Marco Rubio’s tax returns released Saturday show Florida’s junior senator earned $335,561 in 2014, on which he paid 23.5 percent in taxes. 

In 2012, Rubio made $929,439 and paid a 30 percent tax rate.

Critics will point to the fact that the release does not show tax exemptions Rubio claimed and charitable giving totals.

 

At the Republican presidential debate on Thursday, Sen. Ted Cruz promised to release tax returns by Friday in an effort to goad frontrunner Donald Trump into committing to a similar pact.

As of Saturday, Cruz’s campaign has yet to release those tax documents, and has no comment as to the timing of their future release.

“These things take time,” Catherine Frazier, a Cruz campaign spokesperson said. “We’re working on pulling these together and we’re gong to release them when they’re ready.”

During Cruz’s 2012 campaign for the U.S. Senate, the former Texas Solicitor General released five years of tax return forms.

The issue of candidates releasing their tax records caught the media’s attention when 2012 Republican presidential nominee Mitt Romney suggested that their may be a “bombshell” in Donald Trump’s filings with the IRS.

“Either he’s not anywhere near as wealthy as he says he is, or he hasn’t been paying taxes we would expect him to pay or perhaps he hasn’t been giving money to vets or to the disable like he’s been telling us he’s been doing,” Romney explained to Neil Cavuto on Fox News, Wednesday.

During the debate Thursday evening, Romney tweeted the following:

 

If Trump does release his IRS forms, the public can expect to see that the New York real-estate mogul has taken advantage of many of the exemptions written into the tax code.  On Wednesday, Trump said he pays “as little [taxes] as possible because it’s an expense and it’s not one I’m happy paying because frankly the United States government wastes a lot of money.”

Also in the debate on Thursday, Sen. Marco Rubio pledged make his tax returns public by Saturday. A Rubio campaign spokesperson followed-up saying the candidate will release his IRS filings on the afternoon of Feb. 27.

 

[Politico] [The Dallas Morning News] [CNN] [Bloomberg] [Photo courtesy Joe Raedle/Getty Images]