Dayton releases tax returns

DFL gubernatorial candidate Mark Dayton released his 2009 federal and state tax returns today and challenged other candidates to do the same.

The documents show Dayton’s total income last year of $172,475 came from capital gains, dividends income, interest income and a prior tax refund. The heir to the Dayton department store fortune noted that most of the income came from family trusts, which he had no investment control. Dayton says he wants to be transparent to voters.

“They should be able to see that my income is not what it has been in the past,’ Dayton said. “I’ve made major financial commitments through the years to my campaigns, to charitable contributions and to other peoples causes. And so I’m still well off and relative to other Minnesotans I’m extremely fortunate. But my income is less than it used to be.”

The information shows Dayton took a $56,337 loss from the sale of two pieces of fine art, one by Renoir and another by Toulouse-Lautrec. Dayton explained that he inherited the art from his mother’s estate.

“I sold those works of art to finance my current campaign,” Dayton said. “They were at an appraised value for the estate considerably higher than what I was able to get in the art market at the time, about a year ago.”

Dayton pledged two weeks ago that he would release his tax returns. So far, DFLer Margaret Anderson Kelliher is the only other gubernatorial candidate making the same pledge.

UPDATE

The return also shows Dayton made a $30,000 profit last year when he sold a relief by artist Charles Biederman.

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