A new report from the FreeBeacon says 2020 candidate Beto O’Rourke and his wife underpaid their taxes.
This news comes on the heels of Democrats clamoring to get their hands on President Trump’s tax returns.
Once considered a frontrunner, Beto has fallen considerably in the prediction markets and is now in 5th place on PredictIt.
Beto’s gaffes include the radical proposal to tear down existing border barriers in El Paso.
Washington Free Beacon reported that the Presidential hopeful and his wife, Amy, underpaid by more than $4,000 on their taxes in 2013 and 2014 while O’Rourke was a member of Congress, according to tax returns released on Monday.
The O’Rourkes took an incorrect amount of deductions on medical expenses, not paying attention to a limit which only allowed deductions for expenses that were over 10 percent of income for people their age, Fox News reports. If the O’Rourkes had not taken nearly $16,000 in dental and medical deductions, they would have had a higher taxable income.
“After becoming aware of this error, the accounting firm that prepared the filings was immediately informed and will file an amendment as appropriate,” an aide to O’Rourke said in a statement.
In addition, he donated only 0.31% of his income to charity.
Beto's tax return rollout could be going better pic.twitter.com/CwdqE1t3KJ
— Alex Griswold (@HashtagGriswold) April 16, 2019
Democratic presidential candidate Beto O’Rourke and his wife, Amy, appear to have underpaid their 2013 and 2014 taxes by more than $4,000 combined because of an error in the way they reported their medical expenses, according to tax returns the couple released Monday evening.
They took deductions for those costs without regard to the limit that only allowed that break for medical and dental expenses above 10% of income for people their age. Had they not taken the nearly $16,000 in medical deductions, their taxable income would have been higher. In those years it would likely have been subject to the rates they were paying under the alternative minimum tax.
“After becoming aware of this error, the accounting firm that prepared the filings was immediately informed and will file an amendment as appropriate,” an aide to Mr. O’Rourke said.
The tax year 2013 was the first that provided different income limits for the medical expense deduction, based on a taxpayer’s age. If a tax preparer didn’t enter the client’s age, the tax software he or she used defaulted to allowing the full deduction instead of no deduction, said Tony Nitti, a CPA at RubinBrown LLP who said he made the same mistake in those years. Mr. Nitti looked at the returns at the request of The Wall Street Journal.