Gabriel Gomez, the Republican Senate nominee in Massachusetts, reported adjusted gross income of $10.1 million for the years in 2006-11 in tax returns he released Wednesday.
The former Navy Seal paid $2.1 million in taxes during that period, an effective tax rate of 21 percent, The Boston Globe reports
. The low rate reflects the fact that much of his income came from private equity.
Private equity profits are taxed at the capital gains tax rate, which is lower than the ordinary income tax rate.
Gomez has been pressing his Democratic opponent Rep. Edward Markey to release his taxes for the first time in his 37-year career as a congressman. Markey has promised to provide the tax information "in the very near future," but has refused to set a date.
"Congressman Ed Markey is a Washington insider who refuses to come clean with the voters of Massachusetts," Gomez campaign spokesman Will Ritter said in a statement.
"Despite being paid by the taxpayers for the last 37 years, he still has yet to release a single year of tax returns. Gabriel Gomez has released his, what’s Congressman Ed Markey hiding?"
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