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Colo. gubernatorial candidates McInnis, Maes refuse to release tax returns

Republican gubernatorial candidate Scott McInnis has refused to release his tax returns, a position that breaks from routine campaign practices in Colorado and nationally.”He’s already disclosed what he’s required to publicly,” said spokesman Sean Duffy. “At this point he’s not prepared to turn over . . . income taxes.”GOP candidate Dan Maes also rejected The Denver Post’s request for his tax returns. Democratic candidate John Hickenlooper has pledged to release 10 years of his returns by the end of next week.Media outlets routinely request tax returns from candidates because they reveal more than mere income: They show sources of income and potential conflicts of interest, charitable giving, the use of tax shelters, how candidates manage their own money and how their tax rates compare with the average taxpayer’s.Open-government advocates say it’s especially important that wealthy candidates, who usually have a multitude of investments, be forthcoming with their taxes.”How a candidate handles their own personal finances is an indicator of how they would handle the government’s finances,” said Jenny Flanagan, executive director of Colorado Common Cause, a government- watchdog group. “They also help the voter and public understand what conflicts might exist if they are elected.”An initial review of McInnis’ and Hickenlooper’s finances from the financial disclosures they filed while in public office indicates both men are multimillionaires. Maes has never held an elected position.McInnis represented the 3rd Congressional District from 1993 through 2004, the last year he filed public disclosures. At that time, his assets were valued between $1.5 million and $5 million and included everything from stock to real estate investments. Since then, McInnis has been a partner at the Denver office of Hogan & Hartson and is a paid board member of KSL Capital Partners, a private equity firm specializing in travel and leisure enterprises. His campaign declined to disclose his board compensation.Duffy said McInnis would disclose his yearly income and taxes paid as soon as his accountant could compile it.Hickenlooper, the mayor of Denver and former owner of brewpubs, has invested in various stocks, companies and real estate over the years. Unlike Congress, the city of Denver does not require officials officials to assign a value range for their assets. But in 2007, Hickenlooper sold off his stake in seven Colorado restaurants. Officials close to the deal at the time said the mayor was expected to net between $5 million and $10 million on the deal.Hickenlooper declined to release the 2007 financial agreement, saying it would invade the privacy of other individuals. The mayor does not have a continuing or future interest in any of the businesses, said his spokesman George Merritt. For more of this Denver Post story: http://www.denverpost.com/ci_14878784


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