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Reynolds releases 10 years of tax returns

August 7, 2018

Iowa Gov. Kim Reynolds jokes with her husband, Kevin, during a May 2017 stop in Cedar Rapids. The couple released 10 years of their income tax returns on Tuesday, and Reynolds’ campaign called on Democratic gubernatorial nominee Fred Hubbell to do the same.

Gov. Kim Reynolds and her husband have released 10 years of tax returns showing that in 2017 they paid $27,822 in state and federal taxes.

Reynolds and her husband, Kevin, paid $22,872 in federal taxes on an adjusted gross income of $162,579 and $4,950 in state taxes on a taxable income of $104,328.

That’s a 14.1 percent federal tax rate and 4.7 percent for state taxes.

“Iowa has a strong tradition of candidates and public servants setting high standards for transparency in their financial disclosure,” Reynolds said. “Both Republican and Democratic candidates have always gone above and beyond the required financial disclosures and released their taxes. Voters deserve full transparency, including the release of tax returns as part of the process of electing a governor.”

She encouraged her Democratic challenger, retired Des Moines businessman Fred Hubbell, to release 10 years of his personal income tax returns.

“Together we can continue Iowa’s long bipartisan tradition of financial transparency for candidates for high office,” she said.

Hubbell campaign spokeswoman Remi Yamamoto noted that Hubbell previously committed to releasing tax returns.

“Fred will make his tax returns available soon,” she said, adding, “within the coming weeks.”

However, the Hubbell campaign scoffed at Reynolds’ so-called commitment to transparency.

“Gov. Reynolds’ ‘commitment’ to transparency holds little weight when on the same day it comes to light her Medicaid adviser was forced out for doing his job and voicing faults in her disastrous privatization of Medicaid,” Yamamoto said. “Why does Gov. Reynolds’ commitment to transparency not extend to the program overseeing the lives of 600,000 Iowans?”

Yamamoto was referring to the governor not reappointing David Hudson to the state Medical Assistance Advisory Council. Hudson, who was appointed by former Gov. Terry Branstad and served two years as the panel’s chairman, had been critical of changes made by private insurance firms managing the state’s $5 billion Medicaid program.

Reynolds’ office has not offered a reason for not reappointing Hudson, whose 30-year-old son receives Medicaid benefits.

The tax returns show that the Reynoldses’ adjusted gross income for federal taxes grew from $112,172 in 2008 to a high of $171,836 in 2014.

Reynolds, the four-term Clarke County treasurer, was elected to the Iowa Senate in 2008. Kevin Reynolds is semi-retired from the U.S. Department of Agriculture, according to the campaign.

In 2008, the couple paid $14,956 (13.3 percent) in federal taxes and $5,362 (6.3 percent) in Iowa income taxes.

State legislators are paid $25,000 a year. When Reynolds became Branstad’s lieutenant governor in 2011, her salary was $103,212. As governor, she is paid $130,000 annually.

Under legislation Reynolds signed this spring, the Reynoldses would qualify for a state tax cut in the neighborhood of $314, according to an Iowa Department of Revenue analysis of Senate File 2417.

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