U.S. Senate candidate and Texas Lieutenant Governor David Dewhurst has released his income tax returns for the last three years. We're also learning more about the earnings of fellow Republican Senate hopefuls Ted Cruz and Craig James.
Dewhurst's returns show an adjusted income of more than $4.5 million since 2009. Dewhurst and his wife Patricia reported nearly $1.5 million in losses in 2009, but made more than $1 million the next year and over an estimated $5 million in 2011. He made a fortune in energy and has a net worth of at least $200 million.
Dewhurst is considered the frontrunner among 10 candidates for the Republican nomination to replace retiring U.S. Senator Kay Bailey Hutchison.
Former Texas Solicitor General and U.S. Senate candidate Ted Cruz has reported more than $5 million in adjusted income over the last five years. Cruz released his tax returns Friday, which also showed he had paid more than $1.6 million in taxes.
As solicitor general Cruz represented Texas before the Supreme Court and now works in Houston as an attorney specializing in appellate law.
On January 26, The Star-Telegram reported, Republican U.S. Senate candidate Craig James' tax returns show he earned more than $9 million in the past five years, most of it from capital gains on investments.
During that time, the former ESPN football analyst also lost more than $800,000 from farm income and rental/real estate investments/trusts and royalties, documents show.