Gov. Andrew Cuomo took a $27,307 loss on securities sales in 2012 while paying an effective federal tax rate of 19.7 percent, according to his tax returns.
Cuomo reported an adjusted income of $187,499 last year, the bulk of which was $168,910 in reported salary. But his return also showed the capital loss on the sale of about $669,000 in securities, which is controlled by a blind trust.
His return also showed $40,700 in tax-exempt interest.
Statewide government officials traditionally make their New York and federal returns available to reporters one day each year. Cuomo and Lt. Gov. Robert Duffy made theirs available Monday.
Cuomo’s capital loss came from his investments in a trust fund controlled by AMG National Trust Bank. The money was apparently reinvested by the bank since it was not reported as income on Cuomo’s return.
“AMG is a blind trust over which the governor has no control,” Cuomo spokesman Matt Wing said.
Cuomo also listed significant investment sales in 2011, when he sold $511,979 in securities in December and $263,243 in September. He took a $3,346 loss that year.
Duffy and his wife, meanwhile, reported $239,390 in total income in 2012, including $167,997 from their combined salaries and wages as well as Duffy’s $70,255 police pension. Duffy was the city of Rochester’s police chief before he became mayor in 2006 and lieutenant governor in 2011.
While Duffy’s 2011 return showed $2,628 in gambling winnings — which came from a successful trifecta bet at Saratoga Race Course — his luck apparently ran out last year; he reported no gambling winnings or losses in 2012.
Cuomo paid a total of $36,919 in federal taxes last year after receiving a $3,234 refund. He paid $13,990 in state taxes — a 6 percent effective state tax rate — and could have received a $7,161 refund, but chose to put $4,000 toward his 2013 taxes.
He reported a $9,000 contribution to HELP USA, a charity founded in 1986 by Cuomo that provides housing and assistance to the homeless. It’s now chaired by his sister.
Duffy also reported $5,949 in cash gifts to charity, as well as $8,775 in clothing donated to the Association for the Blind and Visually Impaired-Goodwill in Webster, Monroe County. The current market value of the clothing is $2,925, according to his return.
(AP Photo / Mike Groll)