Johnson is “a millionaire with an extensive stock portfolio thanks to family inheritance whose income includes large but unspecified capital gains and dividends”
[Portland, OR] – Former state senator and conservative gubernatorial candidate Betsy Johnson is facing widespread criticism this week for refusing to release her tax returns and hiding potential conflicts of interest that she would carry into the Governor’s office.
Willamette Week first reported that Johnson broke a long-standing tradition when she failed to release her tax returns to the newspaper. Johnson’s refusal drew comparisons to another wealthy conservative who broke this norm of transparency – Donald Trump. From Nigel Jacquiss:
“In making that choice, Johnson deviated from recent norms in Oregon and across the country … There has been one major exception, of course: Candidate and then President Donald Trump refused to turn over his tax returns in 2016 and again in 2020.”
Johnson’s refusal has also raised questions from news organizations across the state about whether she’s trying to hide conflicts of interest that would be revealed in her financial statements.
“Johnson’s 2021 disclosure form shows that her husband, John Helm, has an ownership stake in five companies; that the couple owns seven properties in addition to their primary residence; and that she has trusts and an extensive portfolio of blue chip stocks.
“Johnson reported that 31 of those stocks generated at least $1,000 of dividend income each in 2021.
“Many of her holdings have significant legislative interests in Oregon. Three of them—Boeing, Global Partners (an oil transportation company) and Weyerhaeuser—have extensive operations in the state. Global, which has an oil terminal in Johnson’s former Senate district, has given her campaign $160,000.”
“Johnson, who records show inherited more than $11 million from her mother and timber baron father starting in the 1980s, receives significant income from stock holdings and trust funds. As a result, Johnson and her husband, John Helm, could have more complicated income taxes than Drazan and Kotek, whose households mostly earn wages and business income …
“Johnson, who has served in the Legislature for two decades, also listed “Elizabeth Johnson trusts” as a source of income. She received General Electric Co., Boeing and Weyerhaeuser stock as part of her inheritance more than three decades ago after her father died, according to public records. Her husband, Helm, owned or directed five businesses mostly focused on aviation services in 2021, including Transwestern Aviation, which Johnson founded decades ago with financial support from her father, former lawmaker Sam Johnson. His stock in the company, then called Transwestern Helicopters, passed to Betsy Johnson after he died and Transwestern Helicopters’ debt to Sam Johnson was forgiven, according to public records.”
“It’s a break from the norm in Oregon. Candidates in the past two races for Governor did share their taxes with the press. You may be asking well, why should I care? And, experts say it’s all about reassuring the public that the candidate does not have a conflict of interest if they’re elected to the state’s highest office …
“Johnson is part of a wealthy Central Oregon timber family. That form shows Johnson’s husband has ownership stake in five different companies, and that she has trusts and a large investment portfolio of stocks – and some of them have legislative interest right here in Oregon. That includes an oil transportation company called Global Partners which has a terminal in Johnson’s former Senate district. Willamette Week reports that the company has given Johnson’s campaign $160,000. But, without her tax returns we don’t know how much income she’s received from the company stock.”
“Sharing tax returns has been standard practice in elections for decades. But, not doing so has gained traction after former President Donald Trump declined to share his tax returns in both his 2016 and 2020 campaigns. Reportedly, many of Johnson’s holdings have significant legislative interests in the state, including Boeing, oil transportation company Global Partners and investment company Weyerhaeuser.”