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Republican Party Calls on Dayton to Disclose Financial Holdings

Strategic Insights

— 1 min read

DFL gubernatorial candidate Mark Dayton faces scrutiny over his potential use of tax shelters in South Dakota and the Caribbean. State Republican Party chair Tony Sutton accused Dayton of employing tax shelters, despite acknowledging that Republicans also use such measures. Dayton's campaign dismissed the demand as unfounded, citing outdated information and insisting that his income from the trusts is fully taxable in Minnesota. The Campaign Finance Board confirmed that Dayton is not required to disclose the family trusts that do not provide income, but he has publicly released his income tax returns.

Key Takeaways:

  • The state Republican Party called on DFL gubernatorial candidate Mark Dayton to disclose more information about his investments outside of Minnesota, including potential use of tax shelters.
  • Dayton's campaign responded by stating that the Republican Party's information is outdated and that he has fully taxable income from the trust.
  • Dayton's income tax returns, released this year, do not reveal the extent of his assets in the blind family trusts.
  • The Campaign Finance Board confirmed that under state law, Dayton is not required to disclose the three family trusts that do not provide income.
  • GOP chair Tony Sutton acknowledged that Republicans also use tax shelters but urged Dayton to release more details about his current financial situation.
  • Dayton attorney Katharine Tinucci said that Dayton has sold his investments in the Cayman Islands and British Virgin Islands, which she claimed provided no tax advantages.
  • Dayton listed an interest in four family trusts, with three that do not provide income, in a state financial disclosure statement filed this year.

Statistics:

  • Three dozen stocks are held by the trust that provides income to Dayton.
  • Dayton has released his income tax returns this year.
  • Dayton's income from the trust is fully taxable in Minnesota, according to his campaign.
  • The Republican Party called on Dayton to release more information about his financial situation.
  • Dayton could receive up to a fourth of the assets from the three trusts after his father dies.

Sources:

  • Doyle, P. (Staff Writer). (2010). Republican Party calls on Dayton to disclose financial holdings.
  • Dayton's income tax returns (2010).
  • State financial disclosure statement by Dayton (2010).
  • Campaign Finance Board (february 2010).

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