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Marco Rubio releases summaries of tax filings

From the Associated Press:

WASHINGTON -- Marco Rubio released summaries of his last five years of tax filings on Saturday, revealing him to be a candidate with a senator's steady annual income of $176,000 who reaped repeated windfalls from book deals. During his first four years in the Senate, Rubio and his wife, Jeanette, together earned an average of $531,000 a year.

Since winning election to an office in Washington, Rubio's income has ranged from $276,059 to $938,963, and he has paid between $46,500 and $254,894 in federal income tax. A comparison with personal Senate financial disclosures shows most of the income came from a business that collected royalties on two books: Rubio's memoir, "An American Son," and a pre-campaign tract, "American Dreams."

In 2012, Rubio's most lucrative year, his effective tax rate topped out at a little more than 31 percent. But by 2014 — the last year for which a return summary is available — the family's income dropped to $335,963, an amount on which the Rubios paid a 24 percent tax rate. Rubio's earnings that year were padded by cashing out $68,241 from his retirement savings.

The tax documents Rubio has released are not complete tax filings, as Mitt Romney provided in 2012 and Hillary Clinton produced last year. Instead, Rubio released the first two pages of his 1040 form, which summarizes the details of his income and taxes.

More here.

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