Newspaper article The Record (Bergen County, NJ)

Kyrillos, Wife Paid IRS 37% of Income in 2011

Newspaper article The Record (Bergen County, NJ)

Kyrillos, Wife Paid IRS 37% of Income in 2011

Article excerpt

Republican U.S. Senate candidate Joseph Kyrillos and his wife paid 37 percent of their taxable income in federal taxes last year - - a rate even higher than the top federal income tax rate of 35 percent -- according to records his campaign made public Friday.

Kyrillos provided his tax returns as Mitt Romney, the presumptive Republican presidential nominee, faces continued criticism for paying a tax rate of 13.9 percent in 2010.

Romney has declined to make returns from earlier years public, but he says he has paid taxes of "above 13 percent" each of the past 10 years.

Taken as a percentage of all of their income -- not just their taxable income -- Joseph and Susan Kyrillos paid about 30 percent in taxes.

The amount of the Kyrillos' taxable income that they paid to the federal government was higher than the top tax rate because they were each hit with self-employment taxes in addition to personal income taxes.

That 30 percent federal rate is more than double the rate Romney says he paid, and also higher than the rate paid by Romney's running mate, Paul Ryan.

Ryan, a congressman from Wisconsin, released his tax returns Friday. They show he paid an effective rate of 17.4 percent in 2010 and 20 percent in 2011.

President Obama paid an effective rate of 20.5 percent in 2011.

Kyrillos provided returns that covered three years on Friday. They show that he and his wife had a total income of $437,500 last year, a significant increase from the $365,509 they reported for 2010.

Most of the Kyrillos' income came from Joseph Kyrillos' commercial real estate firm and business consulting conducted by Susan Kyrillos.

The couple also received almost $134,000 in wages, but the tax filings did not identify the sources of that money.

Income questioned

Kyrillos made news this week for saying he would support "smart" tax increases for wealthy Americans and fewer tax loopholes.

U.S. Sen. Bob Menendez, Kyrillos' Democratic opponent, said he plans to release his last five years of tax filings next week. Kyrillos will not reveal two more years of tax returns to match Menendez's disclosures, his campaign said. …

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