Tom Reed’s 2019 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 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.

Assets:

 

2016 2017 2018 2019
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
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 $<500,000
Twin Tiers Medical Billing <$50,000

Notes:

  1. Tom again failed to note that Level 3 Communications merged with CenturyLink.
  2. Mineral rights are said to have no value until developed.
  3. 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.
  4. Tom and family visited the Czech Republic in August 2015 at the expense of the Ripon Society and Franklin Center.
  5. Tom and family visited London, England in November 2016 at the expense of the Ripon Society and Franklin Center.
  6. Tom and family visited Berlin, Germany in August 2017 at the expense of the Ripon Society and Franklin Center.
  7. Tom and family visited Paris, France in November 2018 at the expense of the Ripon Society and Franklin Center.
  8. Tom visited Rzeszow, Poland,  in September   2019 at the expense of the Republican Main Street Partnership.
  9. Tom vistied the Panetta Institute in San Francisco at their expense to receive an award in November,2019.
  10. 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).”

Click to access 10038348.pdf

Click to access 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

https://www.investopedia.com/terms/l/llc.asp

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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