Rep. John Carter (R-Texas) acknowledged Wednesday that he failed to disclose nearly $300,000 in profits from the sale of Exxon stock in 2006 and 2007, and his office said he will file amended financial disclosure forms with the House ethics committee as soon as possible.
According to Carters office, a 2006 sale of Exxon Mobil Corp. stock netted the Congressman just more than $199,000 in profits that were not reflected on his financial disclosure form for that year. A 2007 sale of Exxon stock netted about $97,000 that Carter failed to disclose.
Roll Call reported Wednesday that Carters financial disclosure forms for 2006 and 2007 indicated that his Exxon stock produced dividends of $15,000 to $50,000 each year, and both indicated that he had sold Exxon stock worth $100,000 to $250,000. But neither form indicated that Carter made profits from those sales.
After being contacted by Roll Call a year ago, Carter amended his 2007 disclosure form to indicate that there had been capital gains from the stock sale, but the amendment form did not change the reported income to include the additional $97,000.
Carter has been the point man for Republicans seeking to strip Ways and Means Chairman Charlie Rangel (D-N.Y.) of his gavel because of an ongoing ethics committee investigation of his finances. Rangel has admitted to making myriad errors on his financial disclosure forms over the years, failing to report hundreds of thousands of dollars worth of assets and income. Rangel also failed to pay taxes on about $75,000 in rental income he accumulated over several years from a villa he owns in the Dominican Republic; he paid about $10,000 in back taxes last year but did not pay penalties or interest, leading Carter to propose a Rangel Rule bill that would forgive penalties and interest on all taxpayers who owed back taxes.
Carters office showed Roll Call documentation that Carter had paid taxes on the income from the 2006 stock sale.
Carters office initially denied that the Congressmans disclosure forms were flawed.
After investigating the matter more thoroughly Wednesday, spokesman John Stone said in an e-mail, Congressman Carter thanks Roll Call for bringing this to his attention, and for reporting that he did accurately report the sales of his stock, just not the amount of the sales. As the financial disclosure shows, the transactions had no effect on his net worth, other than it may have reduced it after paying capital gains taxes. He will amend his 2006 and 2007 reports to include the sale amount of both transactions.