Tax returns show Fiorina’s income was $2.7 million | TahoeDailyTribune.com
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Tax returns show Fiorina’s income was $2.7 million

Kevin Freking
Associated Press Writer

WASHINGTON (AP) – Carly Fiorina’s 2008 tax return confirms that the former Hewlett-Packard chief executive is by far the wealthiest candidate in California’s Republican race for U.S. Senate.

She and her husband made $2.7 million that year and listed extensive investment and property holdings.

The disclosure gives Fiorina’s opponents a better idea of the personal fortune at her disposal should she choose to use her own money in the final weeks of the Republican primary.

Fiorina is the last of the three GOP candidates to release tax documents. The couple received an extension for their 2009 return.

The 2008 return doesn’t indicate precisely the sources of her income as some supporting documentation was withheld, but a financial disclosure report she filed upon her entry into the race indicates that the vast majority of income came from speaking fees and compensation for serving on the board of directors for Taiwan Semiconductor Manufacturing Co. She resigned from the board in the fall of 2009.

Fiorina served as the chairman and CEO at Hewlett-Packard for about five-and-a-half years. She was dismissed in early 2005 and got a severance package valued at more than $21 million. She lent her campaign $2.5 million, but it’s unclear how much more she’ll personally spend, if any, as the race draws to a close.

Fiorina’s 2008 tax return indicates she sold numerous investments with Goldman Sachs valued at $11.6 million and that she took a loss of more than $3.7 million on those sales. Her campaign declined to comment on why the couple sold those particular assets with Goldman Sachs, which has been accused of fraudulently profiting from the housing bust, a charge the company disputes.

The Fiorinas gave $481,384 to charity. The vast majority of that went to a fund that makes donations to various charities such as the African Leadership Foundation and the Initiative for Global Development, her campaign said.

The couple’s federal income taxes came to about $389,000. The couple also paid about $375,000 in state and local income taxes, and about $87,000 in real estate taxes.

U.S. Senate candidate Tom Campbell handed over his 2009 federal and state tax returns to the San Jose Mercury News for posting on its website earlier this month. He made $443,000 and paid $147,236 in federal income taxes. He also contributed $600 to charity.

Assemblyman Chuck DeVore made about $96,000. His federal tax bill came to about $6,000. He also gave about $6,600 to charity.


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