Gubernatorial hopeful Randy Boyd, together with his wife Jenny, earned a total of more than $30 in taxable income over the last two years of reporting, according to documents reviewed by The Tennessean.
The revelations come as media giant USA Today Network – Tennessee requested – and received exclusively – tax returns from the Knoxville based businessman. The documents are among a slew of information delivered by a number of the top-tier candidates running for Governor in 2018. In addition to Dean and Boyd, the Network asked Democrat Craig Fitzhugh, and Republicans Representative Diane Black, s\State House Speaker Beth Harwell, Williamson County businessman Bill Lee, and former state Senator Mae Beavers to submit their tax returns from 2013 to 2016.
The Tennessee Star recently reported on Democrat Karl Dean’s remarkable $19 million haul over a four year period – which pales in comparison to Boyd.
The Boyds initially declined to share their personal tax returns, opting instead to consider releasing them at a later date, The Tennessean reports.
Ultimately, the couple shared only their IRS 1040 forms from 2015 and 2016 – and with them, the promise to share tax returns with the Network for the years Randy Boyd serves in office as Governor. The information shared in the confidential filings are a first-ever peek into the extent of the Boyds’ fortune.
According to The Tennessean:
Boyd owns a multitude of businesses, including Radio Systems Corp., a company that owns several brands including Invisible Fence; two minor league baseball teams; and a Knoxville-based Scottish-themed bar. Radio Systems Corp. alone employs more than 700 employees and has annual revenues in excess of $400 million.
Boyd’s financial standing allowed him to not take a salary when he served as the state’s economic development commissioner from January 2015 to February 2017. He also personally paid for his travel as commissioner.
In a statement released by the candidate:
“I’m not a professional politician. I’m a businessman, so I think it is a legitimate issue to see whether our elected officials are being good stewards of our tax dollars and if they are personally enriching themselves in any way while serving in public office,” Boyd said.
According to the Boyd’s income tax summary and 1040 pages for tax years 2015 and 2016 indicate that he and his wife Jenny earned $42,489,000 from their business investments in total income over the two years, while generating $30,176,000 in taxable income, paying more than $8,598,000 in combined federal and state taxes, and generously contributing over $10,300,000 to more than 100 charitable and non-profit causes across the state during those two years.
“Jenny and I have been blessed by the business success we’ve experienced here in Tennessee, and we want to do all we can now to help others and give back to those who have been so good to us,” Boyd said. “If I am honored by being elected governor, my intention is to once again take no state salary and to cover as many of my own expenses as I can, so we can use those funds in ways that better serve the people of our great state.”