Democrat Mark Udall and Republican Cory Gardner don’t have nearly the wealth of many of their congressional colleagues, according to their tax refunds and federal financial disclosures.
Gardner, a congressman, is attempting to unseat Udall, who is vying for a second term in the U.S. Senate.
The Denver Post reviewed nearly a decade worth of tax returns for the two candidates and looked at their federal disclosures. Federal lawmakers are paid $174,000 annually; the median household income in Colorado is $58,823, census data shows.
According to a ranking of representatives and senators compiled annually by CQ Roll Call, Udall is the 286th richest lawmaker in Congress, with a minimum net worth of less than $400,000. Gardner is listed near the bottom at No. 432, with a net worth in the red because of a student loan and home mortgages. There are 100 senators and 435 members of the House.
The wealth estimates are far from precise, however, because lawmakers are only required to list their assets and liabilities in broad ranges — between $250,001 to $500,000 is one example — and so the actual figure could be significantly different than the minimum net worth.
As for the tax returns, neither candidate handed over copies, but allowed them to be reviewed. They also did not provide details of their charitable giving as requested.
The adjusted gross income in 2013 for Udall and his wife, attorney Maggie Fox, was $444,098. They paid $104,516 in taxes at an effective tax rate of 28 percent.
Their average adjusted gross income for the past decade is $338,682. Udall has been a federal lawmaker since 1999.
Because Udall’s tax returns appeared to be more complex, certified public accountant Sandy Adams reviewed them at the request of The Post.
She noted that on the average, someone with an adjusted gross income of $300,000 reports $7,000 worth of charitable donations. Charitable gifts from Udall and his wife varied, from $17,562 in 2007 to $1,881 in 2009.
The couple in 2011 reported charitable contributions of $42,352. The campaign said the couple established what is called a “donor advised fund” but declined to offer details. The advantage of a donor advised fund is that a taxpayer can contribute non-cash items that have appreciated in value and still claim the deduction for the appreciated value, Adams said.
“It’s a great deal for a taxpayer,” she said.
Udall and his wife also showed three straight years of losses, including $17,821 last year. His campaign said the losses involve rental property.
As for Gardner and his wife, Jaime, who operates a private consulting firm, their adjusted gross income in 2013 was $158,029. They paid $22,242 in taxes at an effective tax rate of 25.4 percent. Their charitable gift contribution was $850 last year.
Gardner, 40, was a state lawmaker before becoming a congressman in 2009. His and his wife’s adjusted gross income average over the last nine years was $117,545.
Lynn Bartels: 303-954-5327, lbartels@denverpost.com or lynn_bartels
Staff writer Mark Matthews contributed to this report.
