How much did SC Senate candidate Jaime Harrison earn? What his tax returns say
Democratic Senate candidate Jaime Harrison and his wife, Marie Boyd, saw their joint income decrease in recent years as the former S.C. Democratic Party chairman left his lobbying job in Washington, D.C.
Harrison and Boyd earned a total of $2.7 million between 2012 and 2018, and paid $795,000 in state and federal income taxes, according to tax returns provided to The State by his campaign.
Much of Harrison’s income during the first five years of returns made available came from his salary at the Washington, D.C, lobbying firm the Podesta Group. From 2012 through 2016 Harrison earned a total of $1.6 million while at Podesta.
Harrison’s annual income while at Podesta decreased during that time period from $457,000 in 2012 to $232,000 in 2016.
Harrison’s bid to unseat three-term Republican incumbent Lindsey Graham has become a close race. The two candidates were tied at 44% in a poll last month, and both campaigns have raised tens of millions of dollars allowing them to flood the airwaves with television ads.
The State asked both campaigns to release their candidate’s tax returns. Last week, Graham released his tax returns from 2008 through 2019 showing most of his income came from his Senate salary, with additional money coming from his military pension since 2015.
Harrison’s campaign on Tuesday allowed The State to review Harrison’s 2012 through 2018 tax returns. Harrison’s campaign did not have 2019 returns because he has filed for an extension. Earlier tax returns were not available.
Harrison and Boyd, who is a law professor at the University of South Carolina, have assets of up to $3.4 million, according to financial disclosure forms filed with the Senate Ethics Committee.
Harrison’s income has dropped since 2012 when he and Boyd reported $543,000 in adjusted gross income. In 2018, the couple reported $262,000 in income.
“Jaime believes in transparency, and that’s why he’s released seven years of tax returns, covering every year Jaime has been in public life and before, and will release his taxes every year he is in the Senate,” said Harrison Campaign Manager Zack Carroll in an emailed statement.
Harrison and Boyd also reported some income from investments, including capital gains, which is income from profits made off of the sale of stocks or bonds or property, such as real estate.
In four of the seven years made available, they reported $800 or less in capital gains. In 2012 and 2018 the couple reported losses. And in 2015, Harrison and Boyd, who have shares in various mutual funds, reported $8,400 in capital gains.
During the seven year period, Harrison and Boyd also reported a total of $8,471 in taxable interest made off of investments, ranging from $474 to $2,256 each year. The couple received a total of $12,313 in dividend income, or parts of quarterly profits paid to shareholders, ranging from $453 to $2,380.
Harrison worked for Democratic House Whip James Clyburn from 2005 through 2007. In 2008, Harrison joined the Podesta Group where he worked until 2016. In 2017 Harrison became an associate chairman and counselor for the Democratic National Committee and also worked as a consultant.
In 2019, Harrison was paid $160,000 by the DNC, his campaign said.
In addition to his DNC salary, Harrison earned $5,000 in speaking fees in January 2018 from the National Education Association, his financial disclosure form said.
In 2017 and 2018 Harrison also reported more than $11,000 in royalties from Penguin Publishing for a book he co-authored called “Climbing the Hill: How to Build a Career in Politics and Make a Difference,” according to financial documents.
In addition to having money in mutual funds, Harrison also has stocks in BioTelemtry, Comerica Incorporated, Costco, Fair Isaac Corporation, Independent Bank Corporation, Netflix, Walt Disney Company, Google parent company Alphabet Inc., Amazon, Apple, AT&T, Best Buy, Evergy, General Electric, Hasbro Inc. and Nike.
In 2012, when Facebook initially went public, he bought stock for $2,933. He sold it three days later for $2,542, leaving him with a $391 loss.
During the seven-year period, Harrison and Boyd also made more than $27,000 in charitable contributions, including $5,400 worth of donations of household items, clothing, electronics and furniture to the Salvation Army and Goodwill.
The couple, who live in Columbia with their two children, own a one-bedroom, one-bathroom condo in Alexandria, Virginia, which they rent out. However, each year they’ve rented the unit has been at a loss, tax documents say.
Between 2014 and 2018, Harrison and Boyd also have paid out more than $69,600 in child care costs.
Harrison and Boyd also saw a drop in how much they could deduct in state and local taxes. They deducted between $28,000 and $49,000 in state income taxes and local property taxes between 2012 and 2017. However, that amount was capped in 2018 at $10,000 after the federal tax reform was passed.
Harrison also bought a house in Orangeburg in 2004 for his grandmother. Harrison sold the house in 2018, and he took a $5,500 loss in the transaction.
The couple moved to South Carolina from Virginia in 2012. In 2012, he filed a non-resident tax return in Virginia, but did not pay any taxes in the state.
Harrison and Boyd have up to $480,000 in debts, including a mortgage on their Alexandria, Virginia property, and up to $130,000 in student loan debt, according to their financial disclosure form.
Most of the student debt is in Harrison’s name, who attended Yale University for his undergraduate degree and Georgetown Law School.
Podesta Group income
Lindsey Graham’s campaign in recent ads have made an issue of how much Jaime Harrrison earned while working as a lobbyist. From 2008 to 2016, Harrison worked for the D.C. based lobbying firm Podesta Group. Harrison’s campaign released his salary figures from 2012 through 2016.
▪ 2012: $457,617
▪ 2013: $410,894
▪ 2014: $300,877
▪ 2015: $275,1010
▪ 2016: $232,295
This story was originally published September 16, 2020 at 2:30 PM with the headline "How much did SC Senate candidate Jaime Harrison earn? What his tax returns say."
