Branstad: Tax information disclosure is up to Trump

DES MOINES - Gov. Terry Branstad, who last week released his 2015 federal and state income tax information as a yearly ritual, told reporters Tuesday it is up to presumptive GOP presidential nominee Donald Trump whether he wants to make a similar disclosure.

'I think it depends on each individual candidate,” Branstad told reporters after an unrelated Statehouse proclamation-signing event. 'I think that's his decision. Hillary (Clinton) won't release her transcripts of the speeches she's given on Wall Street. He won't do that.

'There are a lot of things that I don't agree with him on; there are a lot of things that I certainly don't agree with her on. That's just one of many issues I guess,” the governor said.

Branstad released tax records last week indicating that he and his wife, Chris, made $185,249 in gross income in 2015, much of which came from his yearly salary of $127,734. The governor also received $48,984 from his state pension and he and his wife had a total tax liability - including taxes paid, net refunds and net contributions - of $30,687.

'I've done mine forever, but that's a decision I made and each individual needs to make their own decision,” the six-term Republican told reporters. 'I guess it's up to the public to decide.”

Taking a transparent approach has benefitted Branstad in two past elections - against Democrat opponents Roxanne Conlin in 1982 and Jack Hatch in 2014. Both were involved in real estate developments that provided beneficial government tax credits that lowered their liabilities.

In this year's presidential contest, tax returns have become an issue because Clinton released hers but Trump has made contradictory statements about releasing his tax returns - something every major-party nominee in 40 years has done - because they are subject to ongoing federal audits.

The Washington Post recently reported that the last time information from Trump's income-tax returns was made public was a 1981 disclosure indicating he had paid the federal government zero in income taxes by taking advantage of a tax-code provision popular with developers that allowed him to report negative income.

In his 1982 campaign, Branstad was able to capitalize on the fact that Conlin and her husband, a real estate developer, had a net worth of more than $2.2 million but paid no state income taxes due to tax shelters. Likewise, he criticized Hatch in 2014 for only releasing one year's worth of tax data.

'Jack Hatch released one year and we thought that was kind of a stunt because you obviously can manipulate that kind of thing,” the governor said.

Branstad said most real estate developers, like Hatch, Conlin and Trump, take advantage of tax incentives, but added: 'I'm not OK with that. It's legal. I don't think it's right. That's one of the things in the tax code that needs to be changed. It is certainly legal and it's been used by a lot of people.”

Andy McGuire, chairwoman of the Iowa Democratic Party, has called on Branstad to urge Trump to follow his example and release his tax returns in the interest of transparency, but Branstad declined to do so Tuesday.