Branstad's Effective Tax Rate Just 9%
DES MOINES, Iowa (AP) - Governor Terry Branstad has released his income tax returns and they show he earned $226,728 and paid $32,734 in federal taxes last year. He's getting a refund of just over $12,000.
Most of the income comes from his governor's paycheck totaling $121,188. He also earns money from the state's retirement pension fund from his earlier service as governor and in the Legislature. Additional income is from capital gains earned on his share of ownership in an Iowa banking company, and business income from consulting work he did before being elected governor in 2010.
Branstad release Friday continued his annual practice of offering his returns.
While Branstad is in the 28 percent tax bracket, he paid an effective tax rate of 9 percent by reducing his tax burden through charitable donations.