Paul files belated financial disclosure form
Rand Paul, Republican nominee for U.S. Senate
PDF: Paul’s financial disclosure form
By Halimah Abdullah – habdullah@herald-leader.com
WASHINGTON — In the last four months of 2009, Kentucky Republican Senate candidate Rand Paul’s income as an eye surgeon increased about $116,000 and his rental income dropped by roughly $76,000, according to federal financial filings.
The Secretary of the Senate’s office received Paul’s updated financial disclosure form on June 22 after the Bowling Green ophthalmologist missed a May 17th deadline to report new financial information. Under reporting requirements, candidates are given a 30-day grace period to submit reports detailing their personal financial status.
Paul’s campaign filed a new report shortly after the grace period expired and may now face a $200 late filing fee according to Senate ethics rules.
On the new form, Paul’s income as a physician is listed as $163,000 — up from the $46,143 he reported in September. Paul’s lower income last fall reflects the initial financial strain the ophthalmologist faced when he opened his medical practice, Jesse Benton, Paul’s campaign manager, said earlier this month.
In the earlier part of the decade, Paul loaned himself roughly $100,000 and then an additional $80,000 in 2007, Benton said.
Paul tweaked his personal financial report after it was discovered that his campaign made mistakes in the earlier filing, including listing a self-financed loan to his medical practice as “rental real estate/royalties.”
“Because the money is taxed at a different rate it was included as ‘royalties’,” Benton said earlier this month.
According to the Senate ethics committee, candidates do not ordinarily list those types of loans in that manner.
The campaign was not immediately able to answer the Herald Leader’s questions about why Paul’s income appeared to sharply increase in the last four months of the year, the decrease in rental income and the exact amount of rental income garnered from several real estate properties listed.
The form lists income of $5,000 to $15,000 from a condo in Destin, Fla., and a rental property in Bowling Green. He garnered between $50,000 to $100,000 from another property in Bowling Green.
Paul’s total rental income, money accumulated from a family owned business called Alchemy LLC, is listed as $99,370 — down from the $176,223 listed on the prior disclosure form.
According to state tax assessment documents, one of the Bowling Green properties, an office building, is valued at $325,000 and another property, a residential home, is valued at $94,000.
Paul had previously criticized his Democratic opponent, state Attorney General Jack Conway, for receiving an August deadline extension to update his personal financial information with the Secretary of the Senate — a requirement of candidates and elected officials seeking federal office. It is the same type of extension the Paul campaign later discovered it would also need.
Filed Under: Elections • Rand Paul • US Senate Race
About the Author: John Stamper is the accountability editor for the Lexington Herald-Leader. A native of Monticello, Ky., he has been with the Herald-Leader in a variety of roles since graduating from Western Kentucky University in 2000. Reach him at jstamper@herald-leader.com
Who cares? Why is it that they always try to write about “negative” stuff? How about interviewing his patients where they can testify how skilled he was with their child?
Maybe the IRS ought to be checking his income.
ALCHEMY, that’s when you manufacture gold from horse hockey.
@Todd: “Why is it that they always try to write about “negative” stuff?”
A better question might be, WHY does Rand Paul have so much negative “stuff” to write about?
He’s certainly shown himself to be a mixed bag of incompetence and deception.
Still waiting for Conway’s….
Needs till August. What a joke.
Rand will fix the numbers to fit what he wants people to know. Everyone else would be audited by the IRS be Rand is special. Mitch McConnell will teach Rand how to hide the money by using his wife’s name and getting off shore accounts. Rand only wants to be Senator to become a millionaire without working for it. Starting a Board to certify yourself isn’t easy and Rand doesn’t feel Doctors should be paid to much money so why not do what Dad did get rich by selling votes to Banks/Corporations while smiling at the citizens who are suffering.
“Why is it that they always try to write about “negative” stuff?”
“A better question might be, WHY does Rand Paul have so much negative “stuff” to write about?”
An even better question might be why does Paul keep misrepresenting things even though he keeps getting “caught” doing it?
And another question would be why so much disparity in his rental income? $5000 to $15,000 from a property in Florida and $50,000 to $100,000 for a property in Bowling Green? All in the same year? So how much is his rental income from last year? Is it $55.000, $65,000, $155,000, or $165,000? I thought the IRS expected concrete, finite answers, not a “range” of possible incomes…
Money used out of a business is declared income when there is money to pay taxes. Otherwise, it is declared as a loan to the employee of the company.
Anytime a dishonest, tax dodging, charlatan cheat and liar runs for Senate it’s a news story.
Just think, once obama hears about this he might appoint him to his cabinet, with all the rest of his lying and tax cheating friends. Let’s see, the head of the IRS, the leader of the Ways and Means Committee, …
No sorry, all Paul did was file his financials late. That does not even hold a candle to what the Dems in Congress can do. I agree, what an amateur.
It seems like there is not a lot of positive to write about.
Where are they going to find positive attributes about Mr. Paul?
Looks like he should fit right in.
“Anytime a dishonest, tax dodging, charlatan cheat and liar runs for Senate it’s a news story.”
Right. Conway is trying to hide his dirty money from his LG&E scandal by taking as long as possible.
For the record, I support neither candidate in good conscience.
“Who cares? Why is it that they always try to write about “negative” stuff? How about interviewing his patients where they can testify how skilled he was with their child?”
Uh…because that’s not remotely relevant to a race for US Senate? Just a guess…
@Eric: “Conway is trying to hide his dirty money from his LG&E scandal by taking as long as possible.”
What in the sam hill are you talking about?
And Conway STILL hasn’t filed his, has he?
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