andrew moffit

Raimondo releases tax returns, revealing family’s 2011 income

April 30th, 2012 at 5:00 am by under Nesi's Notes, On the Main Site

By Ted Nesi

PROVIDENCE, R.I. (WPRI) – Treasurer Gina Raimondo’s family may be in the so-called one percent, but they still pay a higher tax rate than Warren Buffett.

Raimondo and her husband, Andrew Moffit, paid $107,764 in federal income tax and $31,765 in state income taxes last year on their total income of $440,722, according to tax returns disclosed by the treasurer’s office to WPRI.com. Their federal effective tax rate was 24.5%, higher than the 17.7% Buffett paid.

Their state income tax payments included $24,300 to Rhode Island, $5,791 to Massachusetts and $1,674 to New York, due to rules requiring individuals to also pay tax in states where they work but do not live. The figures do not include other payments such as property taxes.

The bulk of the couple’s earnings was made up of Moffit’s $341,336 income from the McKinsey & Co. consulting firm, which he joined in 2000 and where he is currently a senior practice expert in education. Raimondo, a former venture capitalist, reported a $79,261 income as treasurer in 2011.

Raimondo is one of only two general officers who agreed to disclose their 2011 tax bills; the other, Secretary of State A. Ralph Mollis, has not released his yet but says he will. Gov. Lincoln Chafee, Lt. Gov. Elizabeth Roberts and Attorney General Peter Kilmartin all refused to release theirs.

• Related: It takes $331,181 a year to be in the one percent in Providence (Jan. 15)


What’s new in the Bloomberg News profile of Gina Raimondo

January 10th, 2012 at 11:28 am by under Nesi's Notes

Raimondomania continues.

The latest entrant is Michael McDonald, a reporter with the Boston bureau of Bloomberg News. His profile of the treasurer – given the oh-so-Bloomberg headline “Gina Raimondo Math Convinces Rhode Island of America’s Prospects” – moved on the wire service today.

McDonald’s story is a sympathetic but thorough look at the treasurer’s story and her role in passing the pension law last month, and he doesn’t include any glaring errors the way The New York Times did last fall. A few fun nuggets, also flagged by Ian Donnis on Twitter:

• Raimondo’s donors include Orin Kramer, Roger Altman, Whitney Tilson and Sheryl Sandberg (of Facebook).

• Newark, New Jersey’s mayor Cory Booker roomed with Raimondo’s husband, Andy Moffit, at Yale Law.

• Chicago Mayor Rahm Emanuel and Pa. Treasurer Rob McCord have reached out to her for pension advice.

Elsewhere on the Web, a rare note of dissension about the treasurer was sounded Tuesday on People for the American Way’s Right Wing Watch blog. The post argues Raimondo’s speech last week at the Manhattan Institute “is likely to raise eyebrows back home because of what she said and where she said it.”

An earlier version of this post said Booker is the mayor of Trenton; he is the mayor of Newark.