Hugin releases summary of tax returns from 2015, 2016

By ROI-NJ Staff
New Jersey | May 8, 2018 at 1:48 pm

Bob Hugin, the presumptive Republican nominee for a U.S. Senate seat in New Jersey that is up for grabs in November, released a summary of the taxes he paid in 2015 and 2016.

The numbers below come directly from Hugin’s campaign and were not independently verified by ROI-N.J.

According to the figures provided, Hugin had an adjust gross income of more than $33 million in his past two filings.

In that time period, he paid just under $4.8 million in state and local taxes and just under $7.8 million in federal taxes, according to what was released.

Hugin also had nearly $9 million in charitable contributions.

Below are the numbers released by his campaign:

2016      

  • Adjusted gross income: $14,288,670
  • Charitable contributions: $3,881,481 (27.16% of AGI)
  • State and local taxes: $1,724,627 (12.07% of AGI)
  • Federal taxes: $3,115,293 (21.80% of AGI)
  • Effective tax rate (federal): 31.50%
  • Effective tax rate (state): 8.85%
  • Combined effective tax rate: 40.35%

2015      

  • Adjusted gross income: $19,484,396
  • Charitable contributions: $5,056,821 (25.95 % of AGI)
  • State and local taxes: $2,959,803 (15.19 % of AGI)
  • Federal taxes: $4,657,894 (23.91% of AGI)
  • Effective tax rate (federal): 37.58%
  • Effective tax rate (state): 8.88%
  • Combined effective tax rate: 46.46%
ROI-NJ Staff | editorial@roi-nj.com | @ROINJNews