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GOP Candidate Owns Vintage Ferrari and British Jets, Yet Paid Virtually No Taxes Last Year

Republican investor Thomas Foley owns a vintage Ferrari and millions of dollars in assets. Still he has essentially paid nothing in federal taxes for the last three years.

The GOP hopeful for the Connecticut Governor’s job paid less than $700 in taxes last year despite his immense wealth, according to a report by the New York Times.

“The campaign released his 2010, 2011 and 2012 tax summaries last month; 2013 was the third year in a row that Mr. Foley effectively paid no federal income tax,” the Times reported, adding at the same time he has shelled out over $11 million of his own money in a bid to get elected.

Governor Dannel P. Malloy’s campaign manager also pointed out that the GOP challenger also lives a lavish lifestyle, even though somehow he pays substantially less taxes than most middle-class Americans scraping to get by.

“Tom Foley owns a multi-million dollar mansion, two British fighter jets, and a $5-million-dollar yacht, yet takes advantage of tax loopholes middle-class families can only dream about, allowing him to pay no income taxes for three years,” Malloy staffer Mark Bergman told Greenwich Time. “Tom Foley lives in a different world than most Connecticut working and middle-class families.”

Governor Malloy also told voters that the people of Connecticut deserves a candidate that can relate to their concerns and not exploit loopholes aimed at making the rich richer.

I don’t own a $10 million house and a $5 million boat and a $1 million plane and not pay taxes in the state of Connecticut. That’s not who I am,” Malloy said.

Foley, though, has countered that all the talk about his taxes is much adieu about nothing.

“I didn’t have any income [during that tax year]. It’s pretty easy,” he told reporters about his questionable returns. “It’s America, you know. If you don’t have any income, you don’t pay taxes.”

Photo Credit: Public Domain

About the author

Tamar is a New York based freelance writer and photographer whose work has appeared in over 15 publications. You can catch her work regularly on Issue Hawk, Latest, Jspace, and MediaGlobal.

  • Charles Chamberlin

    Doe that make him one of the “Takers” that the Republicans are always whining about ?

    • MystWlker

      Incredibly stupid comment.

      He isn’t “taking” from anyone.

      • Charles Chamberlin

        If he didn’t pay his fair share of taxes, he took from ME

        • MystWlker

          Another incredibly STUPID comment.

          If he is paying what he OWES, he isn’t TAKING taxes from anyone.

          And don’t *even* give me that “fair share” garbage.
          What matters is what tax law says he owes. If he doesn’t have a regular paycheck, he only owes the tax on capital gains.

          If he has no capital gains, and no income, and is simply living off of savings, then he owes NOTHING. And that is STILL not taking taxes from anyone else.

          THAT is the law.

          • hkchas

            Another incredibly stupid Republican response…he DESERVES to pay no taxes because he … er .. uh … is a Republican