Gov. Dayton had a big tax bill, but not as big as President Obama’s

Gov. Mark Dayton made a hefty $671,724 last year, all from investments. His only job in 2010 was running for governor and sweating the recount.

Dayton paid $50,701 in state taxes and $99,690 in federal taxes, according to income tax returns he released Tuesday.

“The governor donated $8,150 to charitable causes, including the local chapter of Planned Parenthood, the Summit Academy and Esalen Institute, a spiritual retreat in Big Sur, Calif.,” the Star Tribune reported. Dayton also reported a $500 donation to MinnPost.

He’s said in the past that his portfolio, as an heir to the Dayton Department Store fortune, has been depleted significantly by stock market setbacks. (And contributions to his own campaigns, no doubt.) But a hefty sum still exists to kick off those kinds of capital gains and dividends.

But Dayton’s 1040 makes him look like a piker, compared with President and Mrs. Obama, who reported $1.7 million in income — $400,000 in salary and most of the rest from book royalties. And that’s down from $5.5 million the year before.

The Obamas paid  $453,770 in federal taxes for 2010.

Obama joked about it Monday: “There’s a moment there when you look at the figure you’re paying and say, ‘Wow — let me think about my position on taxing the wealthy here,” he said at a town hall meeting in Northern Virginia.

Dayton’s in favor of higher taxes for the wealthy, too, but didn’t joke about it, that we noticed.

Comments (1)

  1. Submitted by Howard Salute on 04/20/2011 - 12:08 pm.

    “Gov. Mark Dayton made a hefty $671,724 last year, all from investments”

    I think a more appropriate description would explain that most of Gov. Dayton’s 2010 income came from the sale of stocks that carried a low tax basis. The governor inherited many assets at a low basis. When he sells these assets he recognizes taxable gain. But, remember, he has always had the assets. He didn’t really “make” that amount of money in 2010….he just recognized an already existing gain.

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