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Bernie Sanders releases 10 years of tax returns, details millionaire status

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Bernie Sanders releases 10 years of tax returns, details millionaire status

WASHINGTON (Reuters) – U.S. Democratic presidential contender Bernie Sanders released 10 years of tax returns on Monday, providing details of his growing status as a millionaire fueled by a sharp jump in income from book royalties since his losing 2016 White House run.

FILE PHOTO: Democratic U.S. 2020 presidential candidate Bernie Sanders holds an evening public rally along the waterfront in downtown San Diego, California, U.S., March 22, 2019. REUTERS/Mike Blake

Sanders, a U.S. senator who routinely rails against the “millionaires and billionaires” he says have rigged the system to protect their wealth and power, had an adjusted gross income of $561,293 in 2018, $1,131,925 in 2017 and $1,062,626 in 2016, the returns showed.

Sanders augmented his Senate salary with book royalties in each of those years, particularly in 2016 and 2017 when he made more than $800,000 each year in royalties. Sanders has published three books since the start of his first White House run, including bestsellers “Our Revolution” and “Where We Go From Here.”

In 2009, the first year of returns Sanders released on Monday, he had an adjusted gross income of $314,742.

Sanders had faced mounting pressure to release his taxes, with critics saying the democratic socialist’s millionaire status undercut his populist economic message. He made no apologies for his financial well-being, telling the New York Times recently that “if you write a best-selling book, you can be a millionaire, too.”

On Monday, Sanders took a more measured tone in releasing his returns, making reference to his upbringing in a Brooklyn family of limited financial resources.

“These tax returns show that our family has been fortunate. I am very grateful for that, as I grew up in a family that lived paycheck to paycheck and I know the stress of economic insecurity,” Sanders said in a statement accompanying the returns.

‘TRANSPARENCY’

The interest in presidential contenders and their taxes has jumped since Republican President Donald Trump shattered decades of tradition during the 2016 campaign by refusing to release his returns – a stance he has continued since entering the White House.

Several in the growing field of Democratic 2020 contenders, including Senators Kirsten Gillibrand, Amy Klobuchar, Kamala Harris and Elizabeth Warren, and Governor Jay Inslee of Washington, have released their 2018 returns in recent weeks. Most other Democratic contenders have pledged to do the same soon.

But the question had become more pressing for Sanders, who only released one year of returns during his 2016 campaign, as he moved into a strong early position in polls and fundraising among Democrats seeking the 2020 nomination to challenge Trump.

“As a strong proponent of transparency, the senator hopes President Trump and all Democratic primary candidates will disclose their tax returns,” Sanders campaign manager Faiz Shakir said in a statement.

Sanders faced criticism for only releasing his 2014 returns during his 2016 Democratic primary battle with Hillary Clinton, a millionaire whom he often derided for giving paid speeches to Wall Street.

The tax returns released on Monday showed Sanders paid a 26 percent effective tax rate on his adjusted gross income in 2018. His effective tax rates in 2016 and 2017, his other high-earning years, were 35 percent and 30 percent, respectively.

As part of his policy agenda, Sanders has proposed a big expansion of the estate tax, lowering the threshold where it kicks in to $3.5 million from $11 million, and placing a 77 percent tax rate on the portion of estates worth more than $1 billion.

Reporting by John Whitesides; Editing by Peter Cooney

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Politics

Trump sues to block Democrats’ subpoena for financial information

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Republican convention set for August 2020 in Charlotte

Lawyers for President Trump on Monday sued to block a subpoena issued by members of Congress that sought the business magnate’s financial records.

The complaint named Rep. Elijah Cummings, the Democratic chairman of the House Committee on Oversight and Reform, and Peter Kenny, the chief investigative counsel of the House committee, as its plaintiffs.

“We will not allow Congressional Presidential harassment to go unanswered,” said Jay Sekulow, counsel to the president.

This is a breaking news story. Check back for updates.

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Congressman Moulton enters Democratic 2020 presidential race

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Congressman Moulton enters Democratic 2020 presidential race

WASHINGTON (Reuters) – U.S. Representative Seth Moulton entered the 2020 Democratic presidential race on Monday as a long-shot contender in a contest that now includes almost 20 candidates.

FILE PHOTO: U.S. Congressman Seth Moulton (D-MA) speaks at a Merrimack County Democrats Summer Social at the Swett home in Bow, New Hampshire, U.S., July 28, 2018. REUTERS/Brian Snyder/File Photo

A 40-year-old Iraq War veteran who represents a district in Massachusetts, Moulton enters the race as an underdog, with little national name recognition and a shorter track record than some rivals who have spent years in the U.S. Senate or as state governors.

Moulton has built a political career by challenging the party’s establishment. He entered Congress in 2015 after winning a Democratic primary challenge against John Tierney, who had held the seat for 18 years.

After Democrats took control of the U.S. House of Representatives in 2018, Moulton helped organize opposition to Representative Nancy Pelosi’s bid to again become Speaker of the House.

He ended his opposition to Pelosi with a statement saying: “Tough conversations make us stronger, not weaker, and we need to keep having them if we’re going to deliver on the change that we’ve promised the American people.”

In a YouTube video announcing his presidential candidacy, he said: “Decades of division and corruption have broken our democracy and robbed Americans of their voice.”

“While our country marches forward, Washington is anchored in the past,” he said.

In the video, Moulton said he wants to tackle climate change and grow the U.S. economy by promoting green jobs as well as high tech and advanced manufacturing.

Moulton served in the Marines from 2001 to 2008. During his 2014 congressional bid, he became a vocal critic of the Iraq War in which he served, saying no more troops should be deployed to the country.

He has advocated stricter gun laws, saying military-style weapons should not be owned by civilians.

Moulton supports the legalization of marijuana and told Boston public radio station WGBH in 2016 that he had smoked pot while in college.

He graduated from Harvard University with an undergraduate degree in physics in 2001 and returned to receive a master’s degree in business and public policy in 2011.

For a graphic of the 2020 presidential candidates, see: tmsnrt.rs/2Ff62ZC

Reporting by Ginger Gibson; additional reporting by Rich McKay; Editing by Colleen Jenkins, Jonathan Oatis, Kirsten Donovan and David Gregorio

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Trump sues to block subpoena for financial information

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Trump sues to block subpoena for financial information

U.S. President Donald Trump boards Air Force One as they travel to Florida for Easter weekend, at Joint Base Andrews in Maryland, U.S., April 18, 2019. REUTERS/Al Drago

WASHINGTON (Reuters) – U.S. President Donald Trump on Monday sued to block a subpoena issued by the Democratic chairman of the U.S. House Oversight Committee that sought information about his and his businesses’ finances.

“Chairman Cummings’ subpoena is invalid and unenforceable because it has no legitimate legislative purpose,” lawyers for Trump and the Trump Organization said in court filing.

Reporting by Makini Brice; Editing by Tim Ahmann

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