Gov. Mark Dayton’s total income last year was $343,234, according to the 2012 tax return that he released today.
The timing is the result of Dayton receiving a filing extension. The release comes a year before Dayton, a Democrat, seeks re-election to a second term.
The governor’s total income included salary, dividends, and capital gains. Dayton’s personal wealth stems from his family’s department stores. He paid $64,157 in federal income taxes on $299,604 of federal taxable income. He paid $24,990 in state taxes.
Dayton’s itemized deductions included $1,000 for gifts to charity.
His office listed the effective tax rate at 29.75 percent. A news release explained that “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.”
The release also noted that Dayton opposed that differential treatment of income when he was a U.S. Senator.