ST. PAUL, MN – Governor Mark Dayton released his 2014 and 2015 tax returns today.
Summary of Governor Dayton’s 2014 Tax Returns
Governor Dayton reported Total Income in 2014 of $380,030 from his Governor’s salary, dividends, and capital gains. His Taxable Income for 2014 was $350,306, on which he paid federal taxes of $72,011 and state taxes of $32,551. His effective tax rate was 30 percent.
Summary of Governor Dayton’s 2015 Tax Returns
Governor Dayton reported Total Income in 2015 of $384,656 from his Governor’s salary, dividends, and capital gains. His Taxable Income for 2015 was $352,901, on which he paid federal taxes of $73,098 and state taxes of $32,931. His effective tax rate was 30 percent.
Note: Governor Dayton made more than $10,000 in charitable contributions in 2015, but did not report them to his tax preparer.
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NOTE: The effective tax rate is lower than published federal and state income tax rates, because income from dividends and capital gains is taxed at a lower federal rate than earned income. Governor Dayton opposed that differential tax treatment of different sources of income, when he was a U.S. Senator.
