U.S. Senate race: Booker releases tax return

NEWARK – The campaign of incumbent U.S. Sen. Cory Booker (D-NJ) released his 2013 personal federal income tax returns on Monday. 

According to copies of Booker’s tax forms provided by the senator’s campaign staff, Booker’s gross total income was $540,341 in 2013. Booker’s income came from two primary sources. Slightly more than $130,000 came from Booker’s wages and salaries – most from Booker’s annual salary as Newark’s mayor, and $28,872 after being sworn in as U.S. Senator at the end of October 2013.

The other primary source of Booker’s income came from speaking fees. Booker generated $411,315 from speaking to groups around the country. This number adds on to the more than $1.3 million from the same income source he previously disclosed to the press in May 2013. 

Booker paid $72,292 in federal taxes in 2013, which comes out to an effective tax rate of 13.3 percent. 

The senator also gave $241,917 in tax-deductible gifts and made more than $200,000 in non-deductible gifts, well more than the majority of his 2013 yearly income. Among the organizations he donated to were the AIDS Resource Foundation for Children in Newark, St. Benedict’s Prep, Integrity House in Newark and the American Cancer Society.

Last year was not without  financial controversy for Booker. Waywire, a video start-up co-founded by Booker, was sold in October 2013 after questions were raised about Booker’s close financial and personal ties with Silicon Valley. Booker cut ties with Waywire in September 2013, and he donated all of the company’s shares. The shares of the troubled company had no value at the time.

Bell released his 2013 federal tax return in July, and he called on Booker to do the same. Booker campaign manager Brendan Gill called out Bell the day his candidate released his tax form.

“Sen. Booker once again has made a historic gesture of transparency and met the gold standard for disclosure as a candidate to the U.S. Senate,” Gill said in a written statement, pointing out that Booker released 15 years worth of personal tax returns last year. “We challenge Mr. Bell to do the same and release 16 years worth of his tax returns.” 

U.S. Senate race: Booker releases tax return