Tom Reed’s 2018 Financial Disclosure

mr-moneybags-blankReports are due May 15 of the following year. The House has 30 days more to post them. It isn’t clear why they wait till the last minute.

Tom’s 2018 report is little different than previous years. Tom’s businesses are very profitable. For example, R&R Resource Recovery, valued at no more than $250,000, produced an income of at least $50,000, which is at least a 20% profit.

~~~~~~~

Assets:

2015 2016 2017 2018
Corning Inc. IRA <$15,000 <$15,000 <$15,000 <$15,000
CenturyLink IRA (Level 3 Communications) <$15,000 <$15,000 <$15,000 <$15,000
M&T Bank accounts <$100,000 <$100,000 <$100,000 <$50,000
Mineral Rights None None None None
R&R Properties <$250,000 <$250,000 <$250,000 <$250,000
R&R Resource Recovery  <$250,000 <$250,000 <$250,000 <$250,000
Twin Tiers Medical Billing <$15,000 <$50,000

Notes:

  1. Tom failed to note that Level 3 Communications merged with CenturyLink.
  2. Tom identifies Mrs. Reed’s salary as income, but gives no amount.
  3. Mineral rights are said to have no value until developed.
  4. Level 3 Communications, now CenturyLink, is an internet service provider.
  5. The trip for Tom and Jean Reed cost the Ripon Society more than $11,000. Reportedly, lobbyists fund these trips to “gain access” to members of Congress.
  6. Tom and family visited the Czech Republic in August 2015 at the expense of the Ripon Society and Franklin Center.
  7. Tom and family visited London, England in November 2016 at the expense of the Ripon Society and Franklin Center.
  8. Tom and family visited Berlin, Germany in August 2017 at the expense of the Ripon Society and Franklin Center.
  9. Tom and family visited Paris, France in November 2018 at the expense of the Ripon Society and Franklin Center.

http://clerk.house.gov/public_disc/financial-pdfs/2018/10026746.pdf

http://clerk.house.gov/public_disc/financial-pdfs/2017/10022013.pdf

http://clerk.house.gov/public_disc/financial-pdfs/2016/10016804.pdf

http://clerk.house.gov/public_disc/financial-pdfs/2015/10011507.pdf

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About whungerford

* Contributor at NewNY23rd.com where we discuss the politics, economics, and events of the New New York 23rd Congressional District (Allegany, Cattaraugus, Chautauqua, Chemung, (Eastern) Ontario, Schuyler, Seneca, Steuben,Tioga, Tompkins, and Yates Counties) Please visit and comment on whatever strikes your fancy.
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5 Responses to Tom Reed’s 2018 Financial Disclosure

  1. Carol says:

    These are both conservative nonprofit organizations that can afford to treat congressmen and their families to expensive annual trips abroad. And what do they get in return?

    https://en.m.wikipedia.org/wiki/Ripon_Society

    https://en.wikipedia.org/wiki/Franklin_Center_for_Government_and_Public_Integrity

    Liked by 1 person

  2. josephurban says:

    Congress can pass laws solving these problems. They can require that their actual tax returns be released. They can stop all travel junkets paid for by lobbyists. They can clean this up if they want to. Maybe Tom can sponsor a clean government’ bill? LOL (By the way, as someone who pays Tom’s salary, I will be going tho the Czech Republic this fall paid for by ME.)

    Liked by 1 person

  3. whungerford says:

    Twin Tiers Medical Billing, LLC is astonishingly profitable–valued at $15,000 it produces income of that same amount.

    Like

  4. Carol says:

    Should single payer healthcare become a reality, Tom Reed’s family businesses would take a beating. People would no longer have to go bankrupt due to medical bills, and medical billing would be simple and require fewer staff. No wonder Reed is so opposed to this.

    Liked by 1 person

  5. whungerford says:

    Tom Reed’s report leaves many questions unanswered:
    His businesses were profitable, but none reportedly paid significant taxes.
    Mrs. Reed is the only person mentioned in connection with TT Medical Billing, but no salary is reported.
    What is the distinction between “member distribution,” “member distribution-spouse,” and “distribution-spouse?”
    No financial gain was reported from the acquisition of Level 3 Communications; why not?

    Like

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