(SAN FRANCISCO, August 29, 2019)—Today, candidate for the Democratic presidential nomination Tom Steyer and his wife Kat Taylor are releasing their personal federal and California tax returns, charitable tax returns, and political tax returns on his website. Tom and Kat have committed to release 10 years of tax returns. Records for 2009-2017, are available on the website now and records from 2018 will be available on the website later this year, after they are filed with the Internal Revenue Service. All of the financial documents can be found at tomsteyer.com/transparency.
The documents released provide the American public with a clear picture of their personal finances, charitable giving, and political spending. They also includes four full years while Steyer was still head of Farallon Capital Management, the company he founded more than 30 years ago.
“This level of financial disclosure is unparalleled for a presidential candidate,” said Steyer Campaign Manager Heather Hargreaves. “Tom is releasing his tax returns now because he believes in providing transparency at all levels of government which includes elected officials. The documents he is releasing also provide voters with an understanding of his role in the private sector, which he has since left behind seven years ago to work for the public good.”
Additionally, Steyer is filing his personal financial disclosure (PFD) with the United States Office of Government Ethics which will be available on the transparency page as soon as the disclosure has been reviewed and certified by the Office.
A memo outlining Steyer’s financial activities can be also found on the page. The memo highlights the couple’s tax information and contributions to charity and political causes, including:
- From 2009-2017, Steyer and Taylor have paid $405.3 million in federal and state taxes. Their overall total effective tax rate of federal and state taxes paid averaged 40.5%.
- Steyer and Taylor have distributed more than $190 million in charitable contributions from 2009-2017, both through their charitable foundations and direct giving. (They do not count any of their political contributions toward their Giving Pledge promise to give away the majority of their wealth to charitable pursuits during their lifetime.)
- Steyer’s political activities from 2009-2017 totaled $365.6 million, and include contributions to federal and state candidates, federal and state committees, 501(c)(4) contributions to NextGen, and Need to Impeach spending.
In 2010, Steyer and Taylor took the Giving Pledge — committing to give the vast bulk of their wealth to charitable pursuits during their lifetime. Since then, the couple have distributed more than $190 million in charitable contributions from 2009-2017, both through their charitable foundations and direct giving. Tax returns for their charitable foundations — TomKat Foundation, TomKat Charitable Trust, TomKat Ranch Educational Foundation, and the Beneficial State Foundation — can be found on the transparency page under each respective year. The couple make most of their grants from their foundations — which distribute grants on an annual basis, separately from when they commit money to their foundations. Therefore, their total annual charitable giving is greater than the amount reported on their individual Form 1040.
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