September 28, 2022
  • September 28, 2022

Average income $12M over 3 years

By on September 2, 2022 0

Republican gubernatorial candidate Bob Stefanowski on Thursday night released tax return data that showed total income of $36.8 million over the past three years without disclosing the identities of his business consulting clients. .

The campaign has released the summary pages of the federal returns he and his wife, Amy, jointly filed for 2019, 2020 and 2021, the three years after he first ran for governor and precedes his current campaign to unseat Governor Ned Lamont. .

Joint filings showed the Stefanowskis paid federal taxes of $1.78 million on adjusted gross income of $7.3 million in 2019; $5.49 million out of an AGI of $15.25 million in 2020; and $5.23 million on an AGI of $13.12 million in 2021.

Their total federal tax bill for the three years was nearly $12.5 million on taxable income of $35.6 million.

Summaries emailed at 11:06 p.m. are limited, showing types of income, but not sources. In the case of a couple filing jointly, there is no breakdown of the salary earned by a specific spouse.

Three years ago, his campaign said most of the Stefanowskis’ joint revenue had been earned by the candidate. On Thursday evening, the campaign declined to answer questions about sources, while calling for a new standard of transparency.

“By releasing three years of joint tax filings today, the Stefanowskis provide a refreshing level of transparency to Connecticutans, a level that Governor Lamont and his wife have repeatedly failed to match,” said Sarah Clark, campaign spokesperson. written statement.

Given the lack of disclosure about Stefanowski’s consulting clientele, the Lamont campaign is certain to debate the point.

Lamont released similar data on his own earnings in April, while protecting the finances of his wife, Annie, a successful venture capitalist. The Lamonts filed separate returns, as permitted by federal law.

Annie Lamont revealed the identities of the companies her company is invested in in a filing with the state Ethics Office that exceeded what is required under the state code of ethics.

Along with his tax summaries, Stefanowski disclosed his investments, which were mostly in mutual funds, not individual stocks.

Stefanowski had promised the release of the returns by the end of August, a deadline he missed by a single day. He only released his federal filings, not his state filings.

“Welfare [in] full disclosure about my finances and my wife’s finances,” Stefanowski said on April 5. Asked then if this disclosure would include the sources of his income, he replied: “That will be what will be included in a tax return, and we can talk about it when it comes out. »

In June, Stefanowski clarified in an interview with CT Mirror that nondisclosure agreements would most likely prevent him from identifying the domestic and international clientele of his consulting firm, Lolo Consulting LLC, a name derived from the childhood nickname one of his three daughters. .

On Thursday, he provided a summary of Lolo’s services and the sectors served, but not the customers:

“Services provided by Lolo Consulting include M&A and due diligence assistance, corporate strategy and other general advisory services. Lolo Consulting has advised on acquisitions and joint ventures in the financial services, healthcare and energy sectors.

Realtor Amy Stefanowski owns two LLCs that offer home remodeling, staging, and rental services.

The campaign offered a footnote on Stefanowski’s deductions: In 2020, the couple paid $500,000 for the purchase and distribution of 1.6 million surgical masks in the first months of the COVID pandemic. -19.

Stefanowski, 60, is a former business executive whose last full-time job was as managing director of DFC Global, a payday loan company he ran for just over two years, which he left in 2017.

Lamont and Stefanowski largely self-fund their campaigns.

Lamont, who doesn’t take the $150,000 annual salary he has as governor, reported $25.9 million in investment income over the past three years. Stefanowski reported significant investment income in 2020, when he had $2.3 million in capital gains.

Stefanowski’s tax summaries are posted on his campaign website at