Tom Kean Jr. released federal tax returns today showing that despite making $202,488 in income, he only paid $8,146 in tax in 2005 – an effective tax rate of only 4%. Kean Jr. used tax shelters and other investments to shield most of his income from taxation.
In response, Menendez for Senate Communications Director Matthew Miller made the following statement:
“Tom Kean’s tax returns tell us everything that’s wrong with tax policy in America today. Tom Kean Jr., who earns most of his $200,000 income from a trust fund and dividends, pays only 4% of his earnings in taxes while nurses, firefighters, and school teachers pay anywhere from 10 to 20% of their income in taxes under George Bush’s policies. Those are the tax policies Tom Kean Jr. says he wants to make permanent, despite record deficits, and now we know why. Bob Menendez will fight those policies because New Jersey need tax cuts for the middle class, not the wealthiest 1%, and we need to restore fairness to our tax policy so everyone pays their fair share.”
