Spitzer, Cuomo release tax returns; Gov. paid 40 percent of income

By The Associated Press

Saturday, April 14, 2007 12:12 AM EDT

ALBANY - Gov. Eliot Spitzer made $1.9 million last year and Attorney General Andrew Cuomo had income of $1.5 million, according to tax information the Democrats released Friday.
The voluntary release of personal income tax returns is an Albany tradition for statewide elected officials. State Comptroller Thomas DiNapoli is scheduled to release his Monday.

Spitzer filed jointly with his wife, Silda Wall, a nonprofit sector attorney in Manhattan who doesn't collect a salary.

Spitzer's income is mostly from his Manhattan real estate properties. His income included $1.4 million in rental income, $385,965 collected in interest on investments, $1,021 in stock dividends and his $145,916 salary as attorney general.

He paid $768,680 in federal, state and New York City taxes, including $200 in tax for Internet purchases. That's 40 percent of their income.

They contributed $141,635 to charity - about 7 percent of their income.

In 2005, then-Attorney General Spitzer made more than $1.35 million. Spitzer made $145,285 in state salary, $266,336 in interest and dividends on investments in securities, and $949,581 in rents collected from his real estate holdings. He and Wall contributed $100,989 to charity, or about 7 percent. Their tax debt was about 37 percent of the household income.

The charities to which they contributed in 2006 include $10,000 to Children for Children. That's the charity Wall founded in 1996 to encourage children to help other children in the city through various projects. Spitzer and Wall also contributed $5,000 for the Fund for the Pine Plains Community Center and Library. That's the community where they and their three daughters have a home on a Columbia County farm.

In November, they bought the house and 160 rolling acres for roughly $4 million. As governor, Spitzer is paid $179,000 a year and has access to the governor's mansion in Albany, which he uses during the week when in Albany.

But the family continues to maintain its primary residence at their Fifth Avenue apartment in Manhattan.

Cuomo, the son of former Gov. Mario Cuomo, reports making $1.47 million last year according to a summary he provided. He has sought a six-month extension to file his taxes, a common practice for higher income filers.

Cuomo, a private practice attorney in Manhattan last year while running for attorney general, reported almost $1.19 million in wages from Island Capital Group. He reported another $106,000 in interest and $27,000 in dividends and $149,000 in a capital gain.

He said he paid $355,000 in taxes, or about 31 percent of his taxable income. He reported $75,000 in charitable contributions, or almost 6 percent of his taxable income. Most of the giving went to HELP USA, the charity he founded in 1986 to provide housing and services to the homeless to help them become self-reliant.

His income jumped according to a comparison to last year's tax returns. A year ago, Cuomo, the former federal Housing secretary, reported an estimated tax liability of $209,197 for 2005.

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