LANSING – Republican gubernatorial candidate Rick Snyder made his 2007 and 2008 tax returns public on Friday, proving that as expected he’s got some serious money in the bank, but doesn’t have the massive wealth of 2006 GOP nominee Dick DeVos.
Snyder, who dumped $2.7 million into his campaign early on, continues the trend of Republican candidates making their personal finances public. Snyder, along with his wife Sue, reported gross income of $1.3 million in 2007 and $1.169 million in 2008, most of which came from capital gains. Attorney General Mike Cox had already released his tax returns as had Sen. Tom George. U.S. Rep. Peter Hoekstra files annual public disclosure of his finances as a member of Congress.
Snyder reported wages of $307,180 in 2007 and $266,368 in 2008 from Ardesta, the nano and microtech investment firm he co-founded. Ms. Snyder is listed as a homemaker on the tax returns.
“In fighting for greater transparency, Rick has gone above and beyond what is required of a private citizen by releasing his tax returns. Unlike his opponents who are on the public payroll, Rick has made a successful career growing businesses and creating jobs,” said communications director Jake Suski. “While some candidates continue to take thousands of dollars in special interest money, Rick remains the only candidate to refuse funding from any special interest group.”
The campaign did not release Snyder’s 2009 tax return, saying it was still pending due to filing deadline extensions.
The campaign released all of Snyder’s investment holdings in private companies, but did not release specific details as to how much stock the candidate owns in each company. Suski said Snyder’s portfolio is “extremely diverse” and his investment in each company is “continuously changing.”
That drew criticism from the Cox campaign, which had been pressuring the other candidates to release their taxes.
“Rick Snyder’s half-steps towards personal financial disclosure are more than Mike Bouchard has offered and a welcome start, but are not nearly enough for voters,” spokesperson Nick De Leeuw said. “Snyder should join Mike Cox and also disclose his 2006 returns along with the dollar amount of each of his holdings and investments to let the sun truly shine in on his personal finances.”
A spokesperson for the Bouchard campaign could not immediately be reached Friday evening.
A spokesperson for the Hoekstra campaign was more charitable about Snyder’s release of his tax returns.
“We are encouraged that Rick Snyder has finally made the decision to make some of his financial disclosures available to the public,” Sara Sendek said. “Pete is a strong proponent of transparency in government and in full compliance with house ethics rules has made all his financial disclosures public throughout his time in Congress. As governor, Pete will continue to push for more transparency in the state government. We would hope that other candidates in the race follow Pete’s lead of full disclosure and more transparency, and release their records for their full time in public office along with the names and salaries of top staffers.”
The Snyder campaign noted Snyder’s stock portfolio is professionally managed and would be managed in a blind fashion, as to avoid conflicts of interest, should he win office.
In 2007, the couple reported $215,733 in taxable interest, $206,494 in ordinary dividends and $1.38 million in capital gains with unspecified losses of more than $6,000 in other investments.
The couple’s total 2007 income was $1.36 million, equaling a tax liability of $323,036. The couple asked that the $38,901 in tax overpayments be applied to the 2008 tax year.
In 2008, the couple reported $220,811 in taxable interest, $137,653 in ordinary dividends, $1.17 million in capital gains, but took a negative hit of $638,810 in unspecified investments.
The couple’s total 2008 income was $1.169 million, which equated to a tax liability $189,069. The couple made a payment in the prior year that carried forward to 2008, and combined with withholding in 2008, the government said the Snyders had overpaid their taxes by $402,533. The couple requested a $212,533 refund from the federal government.
Suski said it’s common for people to apply a portion of their refund to their upcoming year taxes.
The Snyders made $957,561 in tax-deductible donations to charities (the campaign noted tax deductions are limited to 50 percent of income and the Snyders actual donations were above that limit) in the 2007 and 2008 tax years. The biggest contribution was $608,000 to the University of Michigan.
Another major donation of $114,000 was made to Greenhills School. The Sphinx Organization, a classical music non-profit, received $25,000 from the Snyders, while the Shelter Association of Washtenaw County received $20,200.
The Snyders paid $43,558 in state income taxes, $33,653 in real estate taxes and $1,361 in personal property taxes in 2008.
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