Less than two months after launching his campaign to seek the Democratic nomination for President of the United States, Tom Steyer is providing 2683 pages of tax returns so the American public can have a clear picture of his charitable giving, political activities, and taxes paid. Tom has long committed to releasing his tax returns if he ever became a candidate for public office, and this disclosure makes good on that commitment.
Tom and Kat’s tax return release includes four years while Tom was still head of Farallon Capital Management, the company he founded more than 30 years ago. This disclosure is unprecedented compared to many previous candidates with respect to their time in the private sector. Tom believes it is important to provide voters with an understanding of his role in the private sector, which he has since left behind to work for the public good.
In 2010, Tom and Kat took the Giving Pledge — committing to give the vast bulk of their wealth to charitable pursuits during their lifetime. Tom and Kat have distributed more than $190 million in charitable contributions from 2009-2017, both through their charitable foundations and direct giving.
As President, Tom is committed to ensuring the wealthy pay their fair share. Tom has proposed an annual wealth tax that could be used to improve public education, improve access to healthcare, and retirement security. Under Tom’s own proposal he would pay more than an additional $10 million annually in taxes. Tom has also called for closing the carried interest tax loophole. Closing this loophole would treat investment managers’ share of their firm’s profits as ordinary income rather than at the lower capital gains tax rate.