Report: Snyder Worked For $1 In 2011, Made $1.9M

LANSING (WWJ/AP) – Michigan Gov. Rick Snyder reported a gross income of about $1.9 million in 2011, even though he says he gave back all but $1 of his state salary.

A federal income tax return reviewed by the Detroit Free Press says the Republican and former venture capitalist had capital gains income of just more than $1.3 million in 2011. He reported dividend income of more than $350,000, wages of $141,547, interest income of nearly $54,000 and real estate income of just more than $6,000.

Snyder paid federal income taxes of nearly $273,000 on taxable income of nearly $1.4 million. That’s an effective tax rate of 19.8 percent.

Snyder reported giving just more than $196,000 to charity.

Snyder filed jointly with his wife, Sue, whose occupation was listed as a homemaker.

In 2011, Snyder said he refused all but $1 of his $159,300 salary, giving the rest of the money back to the state. At the time, he said the gesture was part of the “shared sacrifice” he asked of all state residents.

For 2012, Snyder said he plans to give back an undetermined portion of his state salary through additional charitable contributions.

TM and © Copyright 2012 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2012 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed. The Associated Press contributed to this report.


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