Report: Haslam overstated tax rate

Gov. Bill Haslam
Gov. Bill Haslam

(AP) - A newspaper investigation reveals that Gov. Bill Haslam, who has never revealed all the sources of his income, has overstated his personal income tax rate in his limited financial disclosures.

During his run for governor, Haslam released data listing millions of dollars in income and taxes, claiming his tax rate at times topped 48 percent on those earnings.

Most of his wealth flows from Pilot Flying J, a nationwide chain of convenience stores and truck stops. Haslam has never disclosed his earnings from Pilot.

He instead released a summary that listed only his non-Pilot incomes, which was $28.5 million earned between 2003 and 2008 from a range of investments.

An analysis by The Commercial Appeal found Haslam used a variety of tax breaks to reduce the taxes he paid on that portion of his annual income.

Information from: The Commercial Appeal.

(Copyright 2011 by The Associated Press. All Rights Reserved.)