Eric Adams tax return released
NEW YORK - Mayor Eric Adams made $245,324 last tax year according to a released copy of his 2021 federal tax returns.
He made $179,028 as Brooklyn Borough President, He also collected $62,867 in pensions and annuities and over $3,400 in real estate monies.
He took the standard deduction of $12,661 and his overall taxable income was $231,977. The return showed he paid $56,074 in federal taxes and was due a refund for overpaying by $338.
Adams stirred controversy earlier this year when he initially told reporters that he would not be releasing his tax returns to the public, bucking a decades-long tradition.
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While there is no city rule requiring mayors to make their returns public, this would have been a huge shift in transparency compared to past administrations. Former Mayors Rudy Giuliani, Michael Bloomberg, and Bill de Blasio all released their tax forms during their tenures, going back to 1994.
Adams, weeks later, backtracked saying he would eventually release his returns but would be filing for an extension.
The deadline to submit 2021 tax filings to the Internal Revenue Service was April 18th, but Adams was given an extension until October 15.
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According to a spokesperson, Mayor Adams also gave "approximately $5,000 to charity last year," which is not reflected in his return. The spokesperson says that the mayor did not get a receipt from every entity and didn’t want the list the deductions without the proper documentation.
These entities include, "The House of the Lord Church, Mount Pleasant Church, 500 Men Making a Difference, as well numerous other churches, pantries, and other organizations."
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Mayor Adams also reportedly gave money to individuals who were victims of crime "to help provide them with support in a difficult time," according to his office.
The individuals were not specified, nor the types of crime.
The mayor did not prepare his own return. It was signed by a certified public accountant.