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Gov. Mike Pence releases 10 years of tax returns

Posted at 8:34 PM, Sep 09, 2016
and last updated 2016-09-09 23:55:23-04

INDIANAPOLIS -- Gov. Mike Pence released 10 years of federal tax returns Friday on the same day he received his first classified intelligence briefing as a vice presidential candidate.

Pence received the briefing at an Indiana National Guard base in Indianapolis. Without commenting on specifics, Pence told the Associated Press that it was "thorough and informative" and that he and his running mate, Donald Trump, would be "ready on day one" if they were elected.

Pence also made good on a campaign promise, releasing 10 years of tax returns dating back to 2006.

The tax returns were consistent with an FEC-mandated financial disclosure Pence filed last month that showed his salary as a congressman, and then governor, as the family's only major source of income.

MORE | Pence claims governor's salary, little else, in federal financial disclosure

During his years as a congressman, Pence's wife Karen also worked at the Immanual Christian School and The Dominion School in Springfield, Virginia.

The Center for Responsive Politics' OpenSecrets.org estimated Pence's worth in 2012 – his last year in Congress – at approximately $364,000. His 2006 tax return shows that number took a substantial hit in 2004 when the Kiel Brothers Oil Company – where his father had worked for years and his brother was, at the time, serving as CEO – filed for Chapter 11 bankruptcy. Federal financial disclosures from 2004 show Pence owned a stake in the company worth several hundred thousand dollars. In 2006, he claimed a total loss of $875,000 from his stake in Kiel Brothers.

Pence's financial disclosure form from August showed he and his wife had taken on nearly $300,000 in loans to send their three children through college.

Friday's tax return release also showed that, during the 2006-2015 period, Pence and his wife made nearly $120,000 in charitable contributions. Their average tax rate during those years was 13.11 percent.

Pence's disclosure means his running mate is now the only presidential or vice presidential candidate not to release federal tax returns. Hillary Clinton released her most recent tax returns last month, along with the previous eight years in July. Her running mate, Virginia Sen. Tim Kaine, released 10 years' worth of tax returns the same day.

Trump has said he will release his tax returns once they are done being audited.