Hopefuls balk at disclosing finances
Stefanowski to issue summary, not tax returns; Lamont to follow suit
NEW HAVEN — This increasingly untraditional governor’s race has taken a further turn away from transparency, with Republican Bob Stefanowski and Democrat Ned Lamont both reluctant to reveal what the Connecticut economy has done for their private wealth.
The two businessmen indicated they do not intend to make their income tax returns public.
Stefanowski, a former corporate executive, told reporters after Monday night’s debate that he might share some of his financial information.
“I’d be happy to issue a summary of where I am and show you the amount of taxes I paid, which is more than adequate,” Stefanowski said in response to a question. Asked when that might occur, Stefanowski replied. “I’ll talk to my team.”
Lamont’s campaign said that if Stefanowski releases tax summary pages, he will too.
“Ned has pledged to share his tax returns when Bob Stefanowski does the same,” said Marc Bradley, Lamont’s campaign manager. During the party-primary campaign, Bridgeport Mayor Joe Ganim claimed Lamont, of Greenwich, was out of touch with average state residents because his worth is estimated at between $100 million and $300 million.
As a divisional corporate executive for most of his career, it is unlikely that Stefanowski has more than a fraction of Lamont’s wealth, some of which dates back over 100 years, to when his great-grandfather Thomas Lamont was a top adviser to banker J.P. Morgan.
While Stefanowski has loaned his campaign $2.2 million with the expectation of recovering it, Lamont has written checks totaling at least $3.9 million — including $1.6 million during the week of the August primary — that he has not listed as loans, so he will not be able to recoup the investments under state election law.
During the 2014 campaign for governor, Gov. Dannel P. Malloy issued top sheets of federal IRS and state Department of Revenue Services filings. His Republican challenger Tom Foley, another businessman, allowed reporters limited access to the summaries in the offices of a Hartford law firm. The documents showed that Foley paid an effective tax rate of zero for three years.
Income tax plan
While not discussing his own taxes, Stefanowski indicated that residents may not find out exact details about his plan to eliminate the state income tax and corporate-earners taxes until after he is elected. Plans on his website, his talking points during two debates with Lamont and his few public appearances since the August primary have been vague.
“I’ve said it before,” Stefanowski said. “Lowering the tax rate is going to increase revenues.”
Lamont, also speaking to reporters in a reception room of the historic theater, where such notable plays as “Oklahoma,” “South Pacific” and “My Fair Lady” debuted, was incredulous.
“I still have no idea how he plans to make up a 12-and-a-half-billiondollar hole,” he said, of Stefanowski’s promise to cut taxes. “I’m not sure he has any idea. Your governor has to put together a budget on the table by February. You better be thinking seriously how you plan to do it.”
The state-to-state comparison noted by Lamont in the debate was unfair, Stefanowski said.
“He wants to pull out the worst possible example,” Stefanowski said. “He wants to put out an agrarian state in the mid-part of the country. Look at Tennessee. They don’t have a state income tax. You know what they have? They have a billion-dollar budget surplus. Look at Florida. Look at Texas.”
Those three states are all so-called right-to-work states where trade unions are weak. While Connecticut’s minimum wage is $10.10 an hour, Texas’s is $7.25, Florida’s is $8.25 and Tennessee has no minimum wage.