May 21, 2022
Youngkin, Virginia Governor-elect, releases tax information
RICHMOND, Va. (AP) — Virginia Gov.-elect Glenn Youngkin has disclosed what his campaign says are summaries of recent tax returns that show the substantial amounts of income he made and has given away. Summaries of his returns over the past five tax years indicate the former private equity firm executive cumulatively made $127 million during…

RICHMOND (AP) — Virginia Governor-elect Glenn Youngkin revealed what his campaign said. These are summaries from recent tax returns showing substantial income he earned and gave away.

Summaries of his returns over the past five tax years indicate the former private equity firm executive cumulatively made $127 million during that period. Almost half of that income, or $59 million, originated from capital gains, according to a spreadsheet provided to The Washington Post by his campaign a few days after the Republican defeated Democratic rival Terry McAuliffe. It also shows Youngkin also gave $52.6 million to charity and paid nearly $18 million in taxes, the newspaper reported.

Virginia’s gubernatorial candidate are not required to reveal their tax returns. Youngkin’s release comes after his campaign and McAuliffe‘s campaign made commitments to The Associated Press months ago that they would disclose at least some information from recent tax returns before the Nov. 2 election. However, time has passed and neither party fulfilled their commitment.

Youngkin, who stepped down as co-CEO of the Carlyle Group in 2020, made $39.8 million last year, the Post reported. He also gave nearly $15 million to charity and paid about $6.8 million in federal income taxes.

His campaign did not provide copies of his tax filings. The figures could not be independently verified by either the AP or the Post.

The campaign did not reveal who was able to benefit from his charitable gifts. But the Post reported that Youngkin and his wife, Suzanne, gave about $23 million between 2016 and 2018 to the Phos Foundation, a religious nonprofit they founded and direct from their home, according to an IRS form filed by the foundation.

” The family’s generous charitable giving extends beyond their immediate family to many charities that they didn’t find,” Youngkin’s campaign stated in a statement.

Mandatory financial disclosure forms filed by Youngkin and McAuliffe earlier this year provide a broad look at each candidate’s personal liabilities, investments and income from business interests. And campaign finance reports show that as of late October, Youngkin had poured at least $20 million of his own money into his run against McAuliffe, who was governor from 2014 to 2018.

Youngkin promised in April that he would not accept a salary to be governor and said he would donate his pay to charity.

When McAuliffe was elected in 2013, Republican rival and then-Attorney General Ken Cuccinelli, allowed reporters to examine eight years’ worth of complete federal and state income tax returns. McAuliffe later released summaries of three years of federal returns to reporters.

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