Tax return documents released by Colorado’s two major party gubernatorial candidates show that Jared Polis, the Democratic incumbent, and Heidi Ganahl, his Republican challenger, and their respective spouses both reported seven-figure revenue last year.

Polis released a portion of his 2021 tax returns on Saturday, several days after Ganahl posted three years’ worth of the same documents, showing their overall income and tax liabilities but without detailing the sources of their income or assets.

According to CNBC, the income reported by both gubernatorial nominees for 2021 puts them in the top 1% of earners in Colorado, based on inflation-adjusted calculations made by personal finance website SmartAsset.

Polis and Ganahl are both wealthy entrepreneurs who struck it rich after selling companies they founded.

Polis, who who ranked among the wealthiest members of Congress during the five terms he served in the U.S. House before his 2018 election as governor, reaped hundreds of millions of dollars from the sales of an online greeting card company and a national flower delivery service, while Ganahl realized tens of millions of dollars when she sold a national chain of dog day care franchises. Ganahl and her husband, Jason, also own G-Que, a successful chain of metro-area barbecue restaurants.

Neither candidate released full tax returns, instead turning over Form 1040, filed jointly with their spouses, which lists their income and deductions in broad categories – Ganahl for tax years 2019-2021 and Polis for tax year 2021.

A spokeswoman for Polis said the governor agreed to release last year’s tax information in response to a challenge issued by a moderator of an Oct. 13 debate in Denver. Ganahl had also said she’d be happy to release her tax documents at that debate but announced at the outset of a subsequent debate on Oct. 25 in Grand Junction that she’d posted three years’ worth of 1040s.

“Governor Polis’ finances have been well vetted over the years as an elected official and the Governor’s disclosures to this point offer far greater detail than any information his opponent has ever made public,” Polis campaign spokeswoman Amber Miller said in an email to Colorado Politics. She noted that he released his taxes while serving in Congress and has routinely filed financial disclosure forms detailing his stock portfolio, transactions, investments, gifts and other financial information.

Polis and his husband, Marlon Reis, reported an adjusted gross income of $733,877 for 2021 after subtracting more than $315,000 in losses from more than $1 million in revenue, which included more than $80,000 in wage or salary income, more than $919,000 in regular dividends and more than $56,000 in taxable interest. The couple claimed more than $148,000 in charitable contributions, resulting in a taxable income of $585,151 and a total tax liability for the year of $87,364.

For the same tax year, the Ganahls reported $1.2 million in adjusted gross income, including $50,000 in wages or salaries, $19,000 in ordinary dividends, nearly $400,000 in capital gains and more than $750,000 in unspecified other income. Their taxable income totaled just over $1 million after deductions, yielding a tax liability of $213,581.

The Ganahls’ reported income jumped sharply in 2021 compared to the two previous years, the forms show. The couple had a taxable income of more than $550,000 in 2020 and $280,000 in 2019 and faced tax liabilities of just over $83,000 and nearly $14,000, respectively.

Polis came under fire a year ago when a national news outlet reported he paid little or no federal income tax for nearly a decade before his election as governor, though his campaign insisted that Polis “has always paid all taxes required by law,” and suggested that the ProPublica report – part of a series based on leaked tax return data – could prompt lawmakers to reform the tax system.

“He is in complete agreement that the current system favors the wealthy and it needs to change,” a Polis spokesman said.

For years, Colorado’s gubernatorial hopefuls routinely released their federal income tax returns, but last cycle Polis and GOP nominee Walker Stapleton broke with the tradition.

Noting that he had already released seven years’ worth of returns when he first ran for a congressional seat, Polis in 2018 declined to release his current tax returns until Stapleton made any of his tax records public.

Calling the custom “stupid and dumb,” Stapleton, a two-term state treasurer and wealthy heir to a family fortune, refused to release his tax documents.

The only people who care about seeing politicians’ tax returns, he added, are “political enemies trying to savage somebody for something.”