McMahon releases 2010 tax returns - WFSB 3 Connecticut

McMahon releases 2010 tax returns

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NORTH HAVEN, CT (WFSB) -

Former wrestling executive Linda McMahon, the Republican-endorsed candidate for Connecticut's open U.S. Senate seat, on Friday released tax returns showing she and her husband earned $30.6 million in 2010.
    
The returns, which were provided to The Associated Press, show the vast majority of the income for McMahon and her husband Vince, the CEO and president of WWE, formerly World Wrestling Entertainment, came from stock dividends. The Greenwich couple paid $4.7 million in federal taxes.
    
Campaign spokesman Tim Murtaugh said McMahon intends to release her 2011 returns, but they have been held up by two missing documents pertaining to investment income. He said they may not be available before the Aug. 14 primary, in which McMahon faces a challenge by former U.S. Rep. Christopher Shays.
    
"We've elected to release the 2010 returns in the meantime," Murtaugh said. He said the 2011 returns are not expected to differ greatly from the 2010 returns.
    
McMahon was asked about the tax returns during her final debate Wednesday night with Shays.
    
"When it's done, we'll release them," she told reporters, adding she and her husband had received an extension with the IRS because they are still awaiting information that they have "no control" over. At the time, she would not commit to releasing her 2010 returns.
    
McMahon on Wednesday did not provide a date for when the 2011 returns would be ready, which drew criticism from Shays. He said not providing a timeframe for when the tax returns will be released "calls into question her integrity."
    
"She has control over that," said Shays, who has released his 2011 returns to the media. "The fact she won't tell you when is what's surprising."
    
McMahon and her husband earned $29.6 million from stock dividends. Much of their income was taxed at 15 percent, the taxation rate for dividends.
    
Besides the dividend income, the 2010 returns show the couple earned $827,520 in wages and salaries. Most of that includes Vince McMahon's salary at WWE. Murtaugh said Linda McMahon earned $155,000 for her involvement in a movie production venture with her son and daughter-in-law.
    
The returns also show the McMahons made $122,000 in charitable gifts, in addition to the $1.6 million the couple's charitable foundation gave to groups ranging from the Make A Wish Foundation to the Boys and Girls Clubs of America.
    
McMahon is running for the seat currently held by U.S. Sen. Joe Lieberman, an independent who is not seeking re-election.