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Editorial: Jeb Bush commits to openness

 
Published July 1, 2015

Give Jeb Bush credit. The former Florida governor released 33 years of federal tax returns this week, setting a high standard for openness for other candidates for president to match. It was a smart move politically, and it extends to a national race the type of transparency Florida voters have come to expect.

The tax returns trace the arc of Bush's income over three decades as it rose before his unsuccessful run for governor in 1994, dropped while he served two terms between 1999 and 2007, then rose dramatically after that. An analysis by Tampa Bay Times staff writers Adam C. Smith and Alex Leary reveals a few recurring themes.

First, Bush's income soared after he left the Governor's Mansion as he earned $29 million between 2007 and 2013. Millions came from speaking engagements, although Bush joked he made less per speech than Chelsea Clinton.

Second, Bush paid a relatively high effective tax rate from 1981 to 2013 of about 36 percent. That's because most of his income was regular income rather than capital gains, which are taxed at a lower rate. These aren't the tax returns of a wealthy family looking for tricks to keep their tax bills low.

Much of Bush's financial history and his investments, including several with questionable business partners, have been well vetted in Florida but will be new to voters in other states. There will be plenty of time for more scrutiny of his consulting clients, limited liability corporations and other investments since he left office.

But this week's release of the tax returns is a strong commitment to openness by Bush, and it follows his release of thousands of emails from his days as governor. It also sets him apart from previous presidential candidates such as Mitt Romney, who grudgingly released just two years of tax returns and paid a far lower effective tax rate. Bush has set a higher standard of transparency, and he should stick to it as the campaign progresses.