CEDAR RAPIDS — Democratic governor candidate Fred Hubbell and his wife released limited information about their 2017 taxes Wednesday showing income of more than $3 million and $1.27 million in charitable giving personally and through their foundation.
The Hubbell campaign said actual tax documents will be available to reporters Thursday.
His tax information follows Gov. Kim Reynolds’ release of 10 years of returns earlier this month. It showed the governor 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.
According to their 2017 income tax returns, Fred and Charlotte Hubbell had a federal adjusted gross income of $3,000,973 and taxable income of $1,600,246. That’s a tax rate of 25.3 percent. For state tax purposes, their taxable income was $1,878,393, and they paid a tax rate of 6.3 percent.
The tax returns also showed charitable giving of $1,275,576, including $458,650 though the Fred and Charlotte Hubbell Charitable Foundation.
The Hubbell campaign said he will make his 2017 personal and charitable foundation tax information available and release his personal tax information for every year in office.
“This availability meets past precedent of former Gov. Bob Ray and then candidate in 2006 and former Gov. Chet Culver who each made publicly available one year of personal tax information,” according to the campaign.
Reynolds campaign spokesman Pat Garrett suspects there’s a simple reason Hubbell is not matching Reynolds’ release of 10 years of returns.
“Anyone who has spent two seconds looking at Fred Hubbell’s finances knows that he probably has something to hide,” Garrett said. “This announcement confirms it.”
Hubbell’s campaign, however, suggested it’s the governor who has something to hide.
“Unlike the ‘two seconds’ the Reynolds campaign may have spent reviewing the Hubbells’ tax information, Fred and Charlotte Hubbell have spent the last 30 years investing their time, energy and resources in Iowa, including funding mental health services, educational scholarships, and increasing access to affordable health care when the state slashed funding,” spokeswoman Remi Yamamoto said. “Reynolds, meanwhile, cut back the governor’s official weekly press conferences, forced out a leading Medicaid adviser who criticized privatization, kicked reporters out of a public event, secretly appointed her dad to a judicial commission, and continues to provide no data for her Medicaid savings claims.
“Who really has something to hide?” she asked.
Releasing only one year of tax information shows that Hubbell’s “not willing to match the governor’s transparency,” Garrett said.
Iowa Senate Democrats sponsored legislation in 2017 calling on presidential candidates to release five years of tax returns to have their names on the general election ballot.
However, one of those sponsors, Sen. Joe Bolkcom, D-Iowa City, said that bill addressed Trump’s failure to release his taxes, “which has been done by every modern candidate for president. And he still hasn’t.”
“Fred is making his tax information public meeting the standard set by former Iowa governors,” he said. “Reynold’s transparency complaint rings hollow given her silence and acceptance of President Trump’s failure to release his own tax information.”
Reynolds, Garrett pointed out, said earlier she believes all elected officials and candidates for high office should release their tax returns.
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