“Patrick Murphy decision to make a $1 million loan to his campaign is all the more reason why Florida voters deserve to see his tax returns so they know where that money came from. Murphy must be worried that his tax returns prove he was never actually a small business owner, or that he profited from tens of millions of dollars worth of business with Donald Trump. Murphy says ‘democracy requires transparency’ and wants to force others to release their tax returns, but his refusal to be transparent with voters begs the question: What is Patrick Murphy hiding?” – Michael Ahrens, Rubio spokesman
The Miami Herald is reporting that Patrick Murphy personally loaned $1 million to his campaign.
Miami Herald: “Murphy loans $1M to his Senate campaign to pay for last-minute ad time.” “Democratic U.S. Rep. Patrick Murphy personally loaned $1 million to his U.S. Senate campaign in October to pay for extra TV ad time in the final two weeks before Election Day, his campaign says. The move comes after Murphy had lackluster fundraising in the third quarter and after national Democratic groups withdrew millions of dollars from Florida this fall, leaving Murphy to largely fend for himself.” (Miami Herald, 10/27/16)
The vast majority of Murphy’s net worth comes from stock his father gifted him. “In his annual financial disclosure for 2015 — filed this spring — Murphy reported a net worth of between $72,000 and almost $4.8 million. Much of that wealth comes from stock in his family’s Coastal Construction Group, shares valued at between $1 million and $5 million. (The gift from his father, Coastal chairman and CEO Tom Murphy, tripled Patrick Murphy’s net worth when he received it in 2012 before he first took office in Congress.) (Miami Herald, 10/27/16)
Just a few months ago, Patrick Murphy co-sponsored legislation that would require presidential candidates to release their tax returns.
On June 6, 2016, Murphy co-sponsored the “Presidential Tax Transparency Act.” “This bill amends the Federal Election Campaign Act of 1971 to require any candidate of a major party for the office of President to file with the Federal Election Commission (FEC) a copy of the candidate’s income tax returns for the three most recent taxable years for which such a return has been filed with the Internal Revenue Service as of the date of the nomination.” (Congress.gov, Accessed 10/23/16)
According to the author of the legislation Murphy supported, tax returns are “highly instructive” and “contain vital information” for voters. “Tax returns are highly instructive. They contain vital information, such as did the person pay any taxes; did the person make charitable contributions; did the person take advantage of tax loopholes; or did the person keep money offshore.” (Rep. Anna Eshoo, 6/7/16)
In January 2015, Murphy tweeted: “Democracy requires transparency.” (Twitter, 1/21/15)
But Patrick Murphy is refusing to release his own tax returns.
Tampa Bay Times: “Patrick Murphy declines to release tax returns but details tax rate.”“Democratic Senate candidate Patrick Murphy will not release his tax returns though his campaign said today his tax rate over the past five years was 32 percent. That’s a departure from the 2010 Senate race, when Charlie Crist and Marco Rubio released theirs, but in line with other Senate contests in Florida. Murphy has made Donald Trump — and Rubio’s support for the nominee — a focus of his campaign. Trump has refused to release his returns, saying he is under audit, though there is nothing preventing him from disclosure.” (Tampa Bay Times, 10/21/16)
In the 2010 Senate race, Charlie Crist and Marco Rubio both released 10 years of tax returns
In 2010, both Charlie Crist and Marco Rubio released tax returns going back to 2000. “Looking for an edge in 2010, Crist releases his returns going back to 2000 and challenged Rubio to do the same. Rubio obliged and released more as a presidential candidate.” (Tampa Bay Times, 10/21/16)
In February 2016, Marco released five more years of tax returns. “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.”(Tampa Bay Times, 2/27/16)