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Monday, May 2, 2016

Phil Scott Releases Tax Return, Reports $3.1 Million Net Worth

Posted By on Mon, May 2, 2016 at 8:55 AM

click to enlarge Lt. Gov. Phil Scott - FILE: JEB WALLACE-BRODEUR
  • File: Jeb Wallace-Brodeur
  • Lt. Gov. Phil Scott
Lt. Gov. Phil Scott reported Friday that he and his wife, Diana McTeague Scott, earned $221,746 in 2015 and hold $3.1 million in assets.

Scott, a Berlin Republican, was the last of five Vermont gubernatorial candidates to voluntarily disclose personal financial information. Two of his opponents, Republican Bruce Lisman and Democrat Peter Galbraith, released their 2014 tax returns but said they filed for extensions in 2015 and would not provide those returns until later this year.

“We encourage you to continue to ask all candidates to release their 2015 taxes prior to the primary election,” Scott’s campaign coordinator, Brittney Larrabee Wilson wrote in a note to reporters late Friday afternoon as she released her boss’ financial information.

According to a list of assets Larrabee provided, much of Scott’s wealth is tied up in DuBois Construction, a Middlesex excavation company he co-owns with cousin Don DuBois. Scott said his 50 percent stake was worth $2.5 million. The lieutenant governor said his Berlin home was worth $350,000 and that his retirement and savings accounts amounted to $192,290. 

The Thunder Road SpeedBowl champion also listed a number of motorized assets: He said his No. 14 race car and parts were worth $50,000, while three motorcycles — including a 1941 Indian — were valued at a collective $30,000. His 50 percent share of a catamaran houseboat was worth $10,000, he said. 

According to their 2015 tax return, Scott and McTeague Scott earned $172,270 in income last year. By statute, Scott makes $61,701 as Vermont’s part-time lieutenant governor. The two also reported $46,601 in what appears to be profits from DuBois Construction, which is an S corporation. 

The two owed $38,309 in federal and $11,733 in state taxes. 

Read Seven Days’ coverage of Lisman’s financial disclosure here; Galbraith’s here and here; Democrat Sue Minter’s here; and Democrat Matt Dunne’s here

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About The Author

Paul Heintz

Paul Heintz

Paul Heintz is Seven Days' political editor. He writes the weekly column, "Fair Game."

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