John Carroll is the first Hawaii candidate for federal office to make public his tax returns.
Since members of Congress are potentially in the position to shape tax policy, Civil Beat asked candidates to share their records so the public could determine how any potential policy changes might affect their representatives and senators.
But most candidates deferred to one another, saying they wouldn’t make public their returns unless their opponents did so first. Carroll, a Republican running for U.S. Senate, provided Civil Beat with records detailing three years of tax returns.
The returns show that Carroll didn’t owe any federal income taxes in 2008, 2009 or 2010. He reported earning at least $45,000 in pension money each of the years but business expenses repeatedly exceeded income.
In 2008, for example, Carroll reported expenses totaling $183,583 and an adjusted gross income of -$2,827. In 2009, his total expenses were $149,259 and his AGI was -$8,943. In 2010, Carroll reported an adjusted gross income of $14,853 and $51,210 in expenses. Each year’s returns show a net operating loss carried over from the previous year.
Check out the documents: