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Abbott Tries to Hide Federal Tax Bill
Statement from Lone Star Project Director Matt Angle
"Greg Abbott pretty much defined sleazy with his dishonest tax return press release. Rather than guts up and say he paid only $104 in taxes, Abbott tried to run a scam and hide the truth.
Ken Paxton’s the one who needs to come clean and release his tax returns. Paxton is embroiled in a legal and financial scandal that may lead to charges against him. Texans deserve to know where Paxton’s money is coming from and who might be pulling his strings."
Abbott tried to hide paying only $104 in federal income taxes
Disclosing information like income tax filings late on a Friday to avoid press coverage is standard political behavior. However, distorting and manipulating the information to hide the facts is patently dishonest. Last Friday, Greg Abbott did just that – he selectively added, and withheld other, important information in a press statement to hide the fact that he paid only $104 in federal income taxes last year – a rate of under one percent – which is far less than what the average Texan pays.
According to tax documents he made public, Abbott was paid $134,000 in salary as the Attorney General last year. Rather than being straight up and stating that he took advantage of a series of deductions, exemptions and exclusions to reduce his tax bill to only $104, he implied that he had a 39.96 percent tax burden due in large part to property taxes – most of it on his approximately million dollar home.
It was a sleazy move. Greg Abbott included his property taxes to mask his actual income tax payment. Abbott also, of course, did not mention that he is a very wealthy man as a result of a multi-million dollar personal injury settlement he was awarded and that is paid to him as an annuity. Abbott pays NO taxes on his multi-million dollar personal injury settlement.
Ken Paxton should release his tax returns NOW
If any Texas elected official needs to release their federal tax returns and disclose their income amount and sources it’s State Attorney General Ken Paxton. Paxton is embroiled in a controversy that includes criminal violations. Paxton has refused to release his returns since last year when it was first reported that he violated state securities law and his business dealings came under close scrutiny. Over the past year, even more questions have been raised about Paxton’s violations of law and his shady business practices:
- A Collin County grand jury recently requested investigation files on Paxton state securities law violation.
- It was reported last week that Paxton used his political connections and connections to a title company to profit from a shady land sale in Collin County.