Lonegan tax return: More than $1.03M over three years

METUCHEN – Republican U.S. Senate hopeful Steve Lonegan took in more than $1.03 million over the past three tax years, according to the former Bogota mayor’s tax returns.

Lonegan and his wife drew the bulk of their income from the couple’s combined salaries and the sale of various properties, according to the returns, which were released Monday.

The couple made a combined average salary of more than $180,000 in the 2010 through 2012 tax years, according to the documents.

Lonegan is the former state director for Americans for Prosperity, and his wife, Lorraine, is a teacher.

The couple took home a total of more than $515,000 in 2012 largely from salaries and the sale of one of their properties.

Lonegan sold a commercial business property in 2012 and a residential property in 2010. The couple listed owning two multifamily properties in 2012. However, all information regarding the properties was redacted from the documents.

A Lonegan spokesman told reporters the information was kept confidential out of concern for the privacy of the tenants.

The couple also listed various private investments that supplemented some of the Lonegans’ annual income.

“I think the three years of Steve Lonegan’s tax returns are going to show Mayor Lonegan made his money in small business and private investment,” said Lonegan spokesman Will Gattenby.

The Lonegan campaign released the returns just days after his opponent, Newark Mayor Cory Booker, released 15 years worth of returns late last week. The documents showed the Democratic Senate hopeful took in a half million dollars last year.

Booker took in an average income of more than $260,000 per year over the past 15 years. The mayor supplemented his annual income from the city of Newark – which ranged from $83,000 in 2006 to $152,000 in 2011 – with speaking fees.

Booker’s speaking fees climbed dramatically since 2006, when they totaled just over $10,000. In 2011, he collected more than $406,000 from speaking fees.

 

Lonegan tax return: More than $1.03M over three years