stayontheblack.com

Business

Hillary Clinton releases income records

Bill and Hillary Clinton made $10,594,529 in adjusted gross income in 2015, according to tax returns released by the campaign Friday.

Hillary Clinton released her 2014 and 2015 tax returns, increasing pressure on Donald Trump publish his own financial records.

The campaign reported the Clintons' effective tax rate as 34%, which includes the more than $300,000 the couple paid in self-employment taxes, which are payroll taxes for Social Security and Medicare.

Departing from 40 years of tradition for presidential candidates, Trump has so far refused to release any of his tax returns for public inspection. In total, the Clinton's gave almost 10 percent of their income to charity.

Meanwhile, Democrats have happily filled the void with speculation that Mr Trump is not giving as much to charity as he claims, is not as wealthy as he has made out, is trying to hide embarrassing business connections at home or overseas.

The Clintons earned $21 million in 2007, as Hillary Clinton, then a USA senator, was running for president.

Trump has said he can not release his returns because of an ongoing audit.

While presidential candidates aren't required to release their tax returns, it has become expected to do so throughout the years. "Let him prove that he has paid taxes, because he hasn't", the senator added.

According to an IRS study based on the decade ending 2012, the average federal tax rate for the top 0.001 percent of earners that year - those earning at least $62 million - was 17.6 percent.

Trump's critics, including 2012 Republican presidential candidate Mitt Romney and other fellow Republicans, have said his refusal raises questions about his net worth, his charitable contributions, his business dealings and various other ties, including with Russian Federation.

Trump's campaign chief, Paul Manafort, has said Trump likely won't release his tax returns before the election in November.

Hillary Clinton released her 2015 tax return Friday, as her campaign dials up the pressure on Republican Donald Trump to do the same. They also list a carryforward loss of about $700,000 from an earlier year.

Her campaign tweeted Friday afternoon that Trump "might be" paying $0 in taxes.

If you haven't heard a lot about what Hillary Clinton thinks of a string of controversial comments by Donald Trump that have generated round-the-clock coverage on cable news broadcasts, there is a reason - it's by design.

With her release Clinton, for her part, confirms that she is not exactly one of those "everyday Americans" her campaign pledged to serve.

The Clintons made most of their money in 2015 from business income, namely consulting, speaking and book royalties, for a total of $10.1m between the couple. Although Trump has said his tax payments are "substantial", his real estate holdings offer numerous ways to reduce tax liability.

The Democratic presidential candidate paid an effective federal tax rate of 34.2% previous year.

The new release - which also includes ten years of Virginia Sen. Mrs. Clinton had previously posted online her returns back to 2007. In 2015, they donated $21,290 to charity.