Reports are due May 15 of the following year. The House has 30 days more to post them. It isn’t clear why Tom waits till the last minute. Tom requested a 90 day extension this year; it isn’t clear why.
Tom’s 2019 report is little different than previous years. Tom’s businesses are very profitable. For example, R&R Resource Recovery, valued at no more than $500,000, produced an income of at least $100,000, which is at least a 20% profit on investment.
The major change for 2019 is the transfer of assets (sale) to a joint trust (JT). The motivation for this is unclear. The value of his businesses is now listed as “none” as if he no longer owned them. Spouse’s salary is no longer reported. This is the first year that business taxes of more than $1000 are acknowledged.
Tom visited Rzeszow, Poland at the expense of The Main Street Partnership in September 2019, and The Panetta Institute in November at their expense. This gift is not listed in his gift travel filing.
|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||<$50,000||<$50,000|
|R&R Resource Recovery||<$250,000||<$250,000||<$250,000||$<500,000|
|Twin Tiers Medical Billing||<$50,000|
- Tom again failed to note that Level 3 Communications merged with CenturyLink.
- Mineral rights are said to have no value until developed.
- Trips 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.
- Tom and family visited the Czech Republic in August 2015 at the expense of the Ripon Society and Franklin Center.
- Tom and family visited London, England in November 2016 at the expense of the Ripon Society and Franklin Center.
- Tom and family visited Berlin, Germany in August 2017 at the expense of the Ripon Society and Franklin Center.
- Tom and family visited Paris, France in November 2018 at the expense of the Ripon Society and Franklin Center.
- Tom visited Rzeszow, Poland, in September 2019 at the expense of the Republican Main Street Partnership.
- Tom vistied the Panetta Institute in San Francisco at their expense to receive an award in November,2019.
- This may explain why Tom’s businesses reportedly paid no taxes: “LLCs don’t pay taxes themselves. Instead, profits and losses are listed on the personal tax returns of the owner(s).”