If you’ve ever wondered how much Minnesota’s Gov. Mark Dayton makes or pays in taxes, here’s your chance to find out.
Dayton released his complete 2014 and 2015 tax returns on Thursday, revealing his income sources, amounts and taxes paid. This move is a tradition of Dayton’s, and these are the first he has released in his second and final term.
Dayton is just one of several prominent political figures to release their tax returns to the public, and this time round he has used it to take a jab at Republican presidential candidate Donald Trump, who has refused to release his tax returns as has become tradition before general elections.
“Given that my candidate for president has released her tax returns, I have continued my long-standing practice of releasing my tax returns as well,” Dayton said in a statement to MPR. “As a candidate for president, Mr. Trump has no excuse for not releasing his tax returns. The people of Minnesota and the nation should know how their public leaders earn a living.”
How much did Gov. Dayton make?
Two years ago Dayton’s tax form lists his income total as $384,656. Less than half of that, $115,809 to be exact, was his salary for serving as the state’s governor. The rest of it comes from $65,318 in dividends and $198,684 in capital gains.
Dividends are sums regularly paid out to company shareholders from a company’s profit. Capital gains are profits from the sale of property or an investment.
In Gov. Dayton’s case, those profits came from accounts established by his late father, Bruce Dayton.
The numbers didn’t change much from 2014 to 2015 with total income at $384,656.
His salary did increase to $118,411, but dividends dipped a little to $59,484. Capital gains increased to $206,593.
How much does he pay in taxes?
Of his $350,306 in taxable income, Dayton paid $72,011 in federal taxes and $32,551 in state taxes in 2014 – for a total of $104,562.
Last year, he paid $73,098 in federal taxes and $32,931 to the state out of a taxable $352,901 – for a total of $106,
For both years that is an effective tax rate of 30 percent, the Governor’s office said, and Dayton also announced he had made $10,000 in charitable contributions in 2015 that he didn’t report to his tax preparer as itemized deductions.
To see a full salary list of constitutional officers click here.