By Beth Reinhard, Christopher S. Stewart and Rebecca Ballhaus
Republican Jeb Bush is one of the wealthiest candidates in the
2016 presidential field and pays far more in taxes than the typical
American, according to 33 years' worth of tax returns released by
his campaign on Tuesday, the most ever by a U.S. presidential
candidate.
Mr. Bush said his total net worth is between $19 million and $22
million, 14 times what he reported when he left the Florida
governor's office in 2007. That means Mr. Bush--who has earned more
than $29 million since leaving office--is likely wealthier than
many of his GOP rivals. Mr. Bush's net worth is most likely less
than Democratic front-runner Hillary Clinton's, who, in addition to
as much as $52 million in assets, has reported earning $25 million
with her husband in speaking fees over a recent 16-month
period.
His effective federal tax rate hovered around 36% over more than
three decades of earnings. The average rate for middle-income
households was projected to be 12% in 2013, the latest available
data. The top 1% of U.S. earners paid an effective rate of 33%.
The tax rate paid by Mr. Bush, 62 years old, may help inoculate
him from the kinds of political attacks faced by 2012 Republican
nominee Mitt Romney, from both the Obama campaign and some of his
GOP primary rivals. Because Mr. Romney's income came from his work
at a private-equity firm, and was taxed at a lower rate, he paid an
effective tax rate of 14% in 2011.
Mr. Bush told reporters at a briefing Tuesday that the U.S.
needs to lower tax rates and eliminate deductions "that I
apparently did not take full advantage of."
"I have to admit that it's a little daunting to be paying 40% of
your income in taxes," said Mr. Bush, sitting next to two
dictionary-sized binders containing 1,150 pages of tax documents.
"It's not something I'm bragging about."
The document release paints a broad picture of Mr. Bush's income
during much of his adult life. It rose before he was elected to
office, fell during his eight years as Florida governor, then
surged in recent years. Since 2007, he has given dozens of paid
speeches, joined a private-equity firm, run a private consulting
business and served on several corporate boards, including
CorMatrix, Rayonier Inc., Swisher Hygiene Inc. and Tenet Healthcare
Corp.
Between leaving the governor's mansion in 2007 and 2013, Mr.
Bush and his wife, Columba, gave, on average, 1.5% of their income
each year to charity. Their charitable giving soared last year,
when they donated $308,000, according to a campaign spokesman--more
than they had given in the previous three years combined.
In 2013, the Bushes gave $110,000 to charity, while earning $7.2
million. Mr. Bush's money went to the Urban League of Miami, Combat
Wounded Veteran Challenge, Knights of Columbus, Ave Maria
University and the Green Beret Foundation.
Mr. Romney and his wife, Ann, by contrast, gave more than 19% of
their income to charity in 2011, the most recent year for which he
has made his tax returns available. Mr. Romney's charitable giving,
much of it to the Mormon Church, was unusually high for a
presidential candidate.
Mr. Bush's voluntary release of tax information is aimed at
reinforcing a broader message being pushed by his campaign--that he
is more open with the public than his opponents, particularly Mrs.
Clinton. She filed a financial-disclosure form required for
presidential candidates but hasn't released any tax returns since
her 2008 bid for the White House.
"My hope is to give people a sense of who I am, that my life is
one that is not all about politics," Mr. Bush said.
A spokesman for Mrs. Clinton said she would be releasing recent
tax documents and that she and former President Bill Clinton have
disclosed 30 years' worth of returns through 2006.
Mr. Bush requested an extension to file his financial
disclosure, which asks candidates for more details on the sources
of their income and assets, but allows them to list dollar ranges
instead of specific amounts.
Among the most notable findings of Mr. Bush's returns is his
effective tax rate. In 2013 it was about 40%, higher than the 30%
rate Mrs. Clinton's campaign said she paid in 2014 and more than
double the rate in 2011 paid by Mr. Romney.
Mr. Bush paid a higher rate than most Americans because the bulk
of his earnings were reported as ordinary income instead of
investment income or income from private equity, which are both
taxed at a lower rate.
Joseph Thorndike, a tax historian at newsletter Tax Analysts,
said the high rate suggests Mr. Bush wanted to spare himself from
criticism over his taxes.
"It's either poor tax planning or very good political planning,"
Mr. Thorndike said, referring to the overall tax rate. "It's
surprising to me that a guy involved in partnerships and LLCs
hasn't been able to structure his affairs more tax
efficiently."
Mr. Bush's rate rose by about three percentage points after the
fiscal-cliff budget deal at the end of 2012 that raised tax rates
for high-income Americans. Assuming his income remained the same,
that change could have cost Mr. Bush $200,000 in additional taxes
in 2013.
Mr. Bush told reporters the bulk of his income in recent years
came from two sources: speeches and consulting. He has earned
nearly $10 million in speaking fees since 2007, he said, receiving
as much as $40,000 per speech in the U.S. and as much as $75,000
overseas. "I made less than Chelsea Clinton," Mr. Bush quipped,
referring to published reports that said she earned as much as
$65,000 a speech.
Mrs. Clinton and the former president have reported income of
$130 million from speaking fees since 2001.
Mr. Bush launched the Coral Gables, Fla., consulting business,
Jeb Bush & Associates, with his eldest son not long after
leaving the governor's office in 2007.
Over about six years as an adviser for the defunct Wall Street
bank Lehman Bros. and later Barclays PLC, Mr. Bush earned, on
average, between $1.3 million and $2 million.
The practice of making tax information public dates to 1952,
when vice-presidential candidate Richard Nixon challenged opponents
to release their returns. Not including the Clintons' combined 30
years, the previous record came from Republican Bob Dole, who over
the course of three presidential and vice presidential campaigns
released 28 years' worth.
The only other 2016 candidate who has released tax information
so far is Republican Carly Fiorina, a former chief executive of
Hewlett-Packard Co., who disclosed two years' of returns and a net
worth of $59 million.
John D. McKinnon, Andrea Fuller and Rob Barry contributed to
this article.
Write to Beth Reinhard at beth.reinhard@wsj.com, Christopher S.
Stewart at christopher.stewart@wsj.com and Rebecca Ballhaus at
Rebecca.Ballhaus@wsj.com
Corrections & Amplifications
An earlier version of one of the headlines attached to this
article incorrectly said Jeb Bush's net worth is between $19
billion and $22 billion.