New York Metropolis Mayor Eric Adams launched his 2021 tax returns on Friday, six months after he pledged to supply the general public with details about his earnings, actual property earnings and charitable contributions.
The tax returns grew to become a problem throughout his marketing campaign for mayor after experiences in The Metropolis discovered tax irregularities related along with his Brooklyn rental property. Adams initially refused to decide to releasing his returns earlier than reversing course.
Adams reported $245,324 in federal adjusted gross earnings, together with a virtually $180,000 wage from town, police pension and rental earnings, in accordance with tax paperwork seen by Bloomberg.
Eric Adams, mayor of New York, speaks throughout the Clinton World Initiative annual assembly in New York.
Michael Nagle/Bloomberg
He paid $56,074 in federal taxes, and had a 24% federal efficient fee. He additionally paid $19,393 in state and native taxes for the yr, and had a 10.1% state and native efficient tax fee based mostly on his New York state submitting.
Adams claimed zero charitable presents in his 2021 taxes. A Metropolis Corridor spokesperson stated that the mayor gave about $5,000 to charity final yr however did not declare the donations due to an absence of receipts. The mayor additionally gave to people who had been victims of crime, the spokesperson stated.
A cryptocurrency booster who vowed to take his first three metropolis paychecks in Bitcoin and Ethereum, Adams additionally checked a field on his tax filings signifying that he purchased digital foreign money in 2021. He did not declare capital good points or losses, suggesting he hadn’t offered crypto foreign money throughout 2021.
Whereas the mayor reported receiving $24,600 in rental earnings on a Brooklyn townhouse the place he has lived and rented out items, Adams claimed practically all of it as bills, paying taxes on solely $3,429. There are 4 items on the property, together with three rental items.Â
The mayor, who has confronted controversy about the place he lives, additionally acknowledged within the tax filings that he spent all of 2021 dwelling in New York Metropolis.Â
Adams is releasing the tax filings now as a result of he filed an extension, a spokesperson stated. The mayor examined constructive for COVID shortly earlier than the federal tax deadline.
Whereas the disclosure of tax particulars is just not required by legislation, the final 5 mayors in New York Metropolis launched no less than parts of their returns. That features Adams’s predecessor Invoice de Blasio, in addition to Ed Koch, David Dinkins, Rudy Giuliani and Michael Bloomberg, the founder and majority proprietor of Bloomberg LP, the dad or mum firm of Bloomberg Information.