After releasing his own federal and state tax returns to the Daily Herald, Republican congressional candidate Joe Walsh is calling on Democratic U.S. Rep. Melissa Bean to do the same.
Walsh and his wife, Helene, earned $65,227 from a variety of sources in 2009, the documents show. The income was offset by a reported $20,695 loss on the Evanston condominium the Walshes lost to foreclosure in 2009.
That financial loss and other deductions left the Walshes with $41,763 adjusted gross income.
Walsh, who recently moved to McHenry from Winnetka, hopes to unseat Bean, of Barrington, in the 8th District. Green Party candidate Bill Scheurer of Lindenhurst also is running.
Walsh is the only candidate in the race who's released his tax returns, following requests made by the Daily Herald to all three candidates.
A Bean spokesman said information about her finances can be found on her U.S. House financial disclosure forms, which are public. Scheurer said he's keeping his tax return under wraps because of privacy concerns.
Walsh has ignored Scheurer and instead is focusing on Bean.
"Republicans and Democrats alike running for offices from the U.S. Senate and governor on down have released their tax returns," Walsh said in a recent e-mail. "Rep. Bean clearly thinks she shouldn't be held to the same standards of transparency and full disclosure. She is wrong."
Walsh promised to release his tax returns after meeting with Daily Herald reporters and editors in March to talk about his foreclosure.
During that meeting, Walsh insisted that, despite renting a $3,300-a-month colonial house in Winnetka, he wasn't wealthy. He admitted living above his means.
"Joe Walsh made $30,000 to $40,000 last year," he said.
Walsh posted two pages from his federal tax return on his campaign website April 30, and later released the full documents to the Daily Herald.
The federal form indicated the Walshes filed jointly as a married couple. They listed two children as dependents, although the couple has a total of five children from previous marriages.
Walsh has told the media he works in private equity funding, but his tax return indicates about one-third of his income - $21,000 - came while working as a fundraiser for a nonprofit group.
Walsh's U.S. House financial disclosure form indicated he earned that sum while working for the United Republican Fund of Illinois, an independent GOP organization.
Another large chunk of income, $26,000, came from an organization called Everbury Partners, Walsh's tax return indicated. That's real estate in which Helene Walsh has a passive economic interest, campaign spokeswoman Whitney Schlosser said.
The Walshes owed $5,575 in federal income taxes for 2009, according to the tax return.
The Walshes also owed $976 in income tax to Illinois, their state tax return showed.Copyright © 2013 Paddock Publications, Inc. All rights reserved.