June 25--MANCHESTER -- U.S. Sen. Jeanne Shaheen and her husband, a lawyer, made more than $500,000 in each of the last three years, despite hefty capital losses they reported in connection with a software endeavor.
The details are contained in the Democratic couple's last eight years of federal tax returns, which the Shaheen campaign made available to reporters on Tuesday.She and husband William Shaheen reported $508,800 in income for 2013 and paid $127,100 in taxes on the earnings, which included wages, interest income and income from real estate investments. Their effective tax rate last year was 25 percent.Their income for the year is close to that of Republican Senate candidate Scott Brown, who last week disclosed tax returns that showed $474,100 in income for 2013.
"Senator Shaheen is keeping her word about releasing her tax returns and going above and beyond what is required by law in her commitment to transparency," said spokesman Harrell Kirstein in a statement. The eight years of returns showed an effective tax rate of little more than 23 percent, he said.
The tax returns were made available to reporters through appointment at a Shaheen campaign office in Manchester. No copier was provided, and reporters were not allowed to take photographs.
The Shaheen returns go back to 2006, after she had left the governor's office and two years before being elected a U.S. senator. She reported wages of $156,100 in 2006 as a fellow at Harvard College, and another $23,700 in teaching and speaking fees.
The following year, JID Software Partners, a limited liability company registered in New Hampshire, was created, with William Shaheen listed as its sole member. Papers filed with the Secretary of State describe it as a holding company for the development of self-serve software products.
An online patent database, tmquest.com, said the software is for use in the food-service industry.
Shaheen returns recorded six-figure capital losses from the company since its formation. The largest was in 2010, when losses were $1.1 million. That year, the couple's joint return showed income of $186,800, the lowest of the eight years.
--Except for 2010, the couple reported income of $445,800 or higher for each year. The best year was 2012, when the two reported $676,600 in income.
--The couple's charitable contributions increased two years after Shaheen's election to the U.S. Senate. They gave $13,000 in her second year in the Senate. Last year, their contributions were $17,400. Before Shaheen joined the Senate, their contributions ranged from $10,100 to $12,200.
--In 2008, the couple wrote off a $45,000 bad debt, described as non-business, to David Sullivan. Kirstein said the loan was a personal loan to a friend of William Shaheen. It is not the retired superior court judge, he said.
--Real estate investments include rental property in Dover and Conway. In the 2000s, the Shaheens listed interest in cabins and a restaurant, Molly O, in York, Maine. William Shaheen also has an interest in Atlas Title LLC. Kirstein said most of the investments and buisiness interests are in the name of William Shaheen, who makes all decisions and controls the investments and business interests.
(c)2014 The New Hampshire Union Leader (Manchester, N.H.)
Visit The New Hampshire Union Leader (Manchester, N.H.) at www.unionleader.com
Distributed by MCT Information Services