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King releases tax returns in U.S. Senate race in Maine

2:05 PM, Oct 1, 2012   |    comments
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PORTLAND, Maine (AP) - U.S. Senate candidate Angus King is releasing seven years' worth of tax returns showing that he and his wife earned on average nearly $570,000 a year.

His campaign puts the average tax rate at 22.4 percent and average annual charitable contributions at 13.4 percent, with most going to Maine charities.

King responded to a challenge by Democratic Cynthia Dill, who called on the three leading candidates to release 10 years' worth of tax returns. King spokeswoman Crystal Canney said Monday that King released seven years, which is all that his accountant kept and all that's required by the Internal Revenue Service.

The majority of King's wealth comes from the sale of his energy company before running for governor. Much of his earnings came from reinvesting in the stock market.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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