New York City Mayor Eric Adams released his 2021 tax returns on Friday, six months after he pledged to provide the public with information about his income, real estate earnings and charitable contributions.
The tax returns became an issue during his campaign for mayor after
Adams reported $245,324 in federal adjusted gross income, including a nearly $180,000 salary from the city, police pension and rental income, according to tax documents seen by Bloomberg.
He paid $56,074 in federal taxes, and had a 24% federal effective rate. He also paid $19,393 in state and local taxes for the year, and had a 10.1% state and local effective tax rate based on his New York state filing.
Adams claimed zero charitable gifts in his 2021 taxes. A City Hall spokesperson said that the mayor gave about $5,000 to charity last year but didn't claim the donations because of a lack of receipts. The mayor also gave to individuals who were victims of crime, the spokesperson said.
A cryptocurrency booster who
While the mayor reported receiving $24,600 in rental income on a Brooklyn townhouse where he has lived and rented out units, Adams claimed nearly all of it as expenses, paying taxes on only $3,429. There are four units at the property, including three rental units.
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Adams is releasing the tax filings now because he filed an extension, a spokesperson said. The mayor tested positive for COVID shortly before the federal tax deadline.
While the disclosure of tax details is not required by law, the last five mayors in New York City released at least portions of their returns. That includes Adams's predecessor Bill de Blasio, as well as Ed Koch, David Dinkins, Rudy Giuliani and Michael Bloomberg, the founder and majority owner of Bloomberg LP, the parent company of Bloomberg News.
