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From the staff of the Tampa Bay Times

Marco Rubio says Patrick Murphy 'should release his tax returns' after personal loan

29

October

Ten days before voters decide Florida's U.S. Senate race, Republican incumbent Marco Rubio is calling on his Democratic challenger to release his tax returns.

Rubio said U.S. Rep. Patrick Murphy's announcement this week of a $1 million personal loan to his campaign raises questions about Murphy's finances. Murphy's financial disclosure from 2015 indicated his net worth was between $72,000 and almost $4.8 million -- but most of that is tied up in stock and investments, not cash assets.

"Where did he get the money from?" Rubio said, when speaking to reporters in Palm Beach County on Friday. (His campaign widely distributed the comments Saturday.) "I mean, it certainly doesn’t reflect what you see in his financial disclosures. It sounds like his wealth is largely tied up in stock in his family’s business."

Murphy's investments include $1 million and $5 million of stock in his family's Coastal Construction Group, a "gift" from his father in 2012 before Murphy took office.

“Now more than ever, I think Floridians deserve to know how he makes his money and where his money comes from," Rubio said of Murphy. "He certainly doesn’t make that a year as a congressman."

The release of tax returns is common for presidential candidates. Rubio did so when he was one recently, although Rubio's current pick for president, Republican Donald Trump, has bucked years of precedent in refusing to disclose any pages from his.

U.S. senators are not required to release their tax returns, either, but there is precedent from Rubio's first U.S. Senate race six years ago. Notably, though, Rubio's release of his tax returns has been only summaries, not the whole document.

"In 2010, when I ran for Senate, I released 10 years, and Kendrick Meek, the Democratic nominee did as well, and Charlie Crist did as well," Rubio said. "But, he [Murphy] refuses to release not even one page of one tax return.”

When asked for comment Saturday morning, Murphy's campaign reiterated a statement it released a week ago, in which they disclosed Murphy's tax rate but no other details from his tax return. The campaign said Murphy had been "transparent with the voters, disclosing his income, assets, and liabilities every year in his congressional financial disclosures."

Congressional financial disclosures offer a broad look at members' financial situations, because they're allowed to report assets and liabilities through wide ranges. That's why, for example, we don't know how much exactly Murphy's stock in his family's company is worth.

Nationally, the argument for Trump to release his tax returns has been that those documents would reveal more specific details about the candidate's financial situation than provided in federally required financial disclosures. Murphy co-sponsored legislation in June mandating major-party presidential candidates to release their tax returns.

[Last modified: Saturday, October 29, 2016 12:45pm]

    

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