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Rauner reports nearly $190 million in taxable 2015 income

Friday, Nov 11, 2016 - Posted by Rich Miller

[Comments are now open on this post.]

* Press release…

Governor Bruce Rauner released his 2015 federal and state 1040’s, reflecting income and tax rates, while detailing the Rauner family’s charitable and community giving last year.

In 2015, the Rauners paid more than $50 million in federal and state taxes on federal taxable income of $176.7 million and state taxable income of $188.2 million for a total effective tax rate on income of more than 26%. Their federal effective tax rate on income was 24.5%.

In addition, the Rauners and their family foundation made charitable contributions totaling more than $11.6 million.

Rauner 2015 Tax Summary:

    Income on Federal Return: $188.2 million

    Adjusted Gross Income on Federal Return: $187.6 million

    Taxable Income on Federal Return: $176.7 million

    Federal Income Taxes Paid: $43.3 million

    Federal Effective Tax Rate on Taxable Income: 24.5%

    Federal Effective Tax Rate on Adjusted Gross Income: 23.1%

    Illinois Taxable Income on State Return: $188.2 million

    Illinois Income Taxes Paid: $6.9 million

The personal tax return is here. The Rauner Family Foundation tax filing is here.

That 2015 income is more than triple his 2014 income disclosure of $58.3 million. So, now we know how he could so easily afford those big contributions the past year.

If this sets a new pattern, then he’ll have more than enough money to fund his own campaign and legislative campaigns (and anything else) in two years.

…Adding… The governor has said to me more than once and has said it in public elsewhere (including, I think, today in Champaign) that his kids aren’t getting much of an inheritance

“He may have a limit to how much he’s willing to put into Illinois politics before it starts to effect his own condition and his kids’ inheritance,” Redfield said, noting that Rauner also has the support of fellow conservative millionaires, including the state’s richest man, Ken Griffin.

“His friend Ken Griffin really doesn’t have any limits to what he can spend, but I don’t think [Rauner] really wants to sustain what he’s been putting in for the last four years,” Redfield said. “If it was just his wallet, I don’t think the Democrats would be as worried about him putting up his money. But his friends have plenty more.”

I’ve thought from the get-go that he low-balled his net worth. He’s obviously got plenty of dough and he’ll be spending it the way he wants. And we all know what he wants to spend his money on.

…Adding More… Raw audio from the governor’s Q&A with reporters today. He talked about his taxes, the election, Monday’s leaders meeting (he hasn’t yet heard back from Speaker Madigan) and etc…

       

40 Comments
  1. - Denny - Monday, Nov 14, 16 @ 7:18 am:

    Wow
    That’s a lot of money


  2. - Oswego Willy - Monday, Nov 14, 16 @ 7:34 am:

    We let strangerS in our house…. strangerS

    Diana and Bruce Rauner will spend tens of millions of their own money to purposely hurt people in order to destroy Labor, even if… Bruce can’t count to 60 and 30… and even with Diana Rauner mocking every social service organization, advocate, and patron by ensuring The Ounce is “Ok”, and everyone suffers… for Bruce.

    There’s no bottom to the financial wherewithal the RaunerS will spend to hurt Illinois, and if that means this year having $188+ million in income to beat Diana’s Democratic Party, then that’s what needs to be spent.

    As I see Raunerite victories downstate, (and the tip-in Franks seat) and Democratic holds in the Suburbs, the politics of Illinois is now…

    Democrats control both US Senate seats.

    Democrats control 104 General Assembly seats (less Scott Drury - 103)

    Democrats control the statewide offices less Rauner’s and Sanguinetti’s.

    Even the awful Mendoza campaign was able to stave off a 10-point slide in a POTUS voting universe… with Donald Trump.

    Diana and Bruce Rauner may put $40-60 million… park it… in Bruce’s Committee to control the Raunerite seats this next GA, and with $100+ million, even with Trump, Rauner is going to be all but impossible to beat.

    We all now let a stranger in our governing. We will all continue to pay the price the RaunerS want paid… while stockpiling monies to ensure pain happens until Bruce is happy.

    This is what makes the RaunerS most happy?

    From 2012, Bruce Rauner…

    “In Illinois there’s been a long-time history of what I would call social service, social justice, a bigger role for government in the safety net than in many other states,” Rauner said at a tax policy conference sponsored by the George W. Bush Institute. “I think we can drive a wedge issue in the Democratic Party on that topic and bring the folks who say, ‘You know what? For our tax dollars, I’d rather help the disadvantaged, the handicapped, the elderly, the children in poverty. I’d rather have my tax dollars going to that than the SEIU or Af-scammy (AFSCME) who are out there for their own interests.’”

    Right, exactly $188 million worth of right.


  3. - Sid - Monday, Nov 14, 16 @ 7:36 am:

    He had a good year. Will Trump show his taxes now?


  4. - Grandson of Man - Monday, Nov 14, 16 @ 7:59 am:

    I heard a bit of the audio first on TV then here in this thread. Rauner mentioned government employee pensions but there was no follow up. Why did Rauner bring up pensions? How much money has he made from pensions?


  5. - Anon221 - Monday, Nov 14, 16 @ 8:08 am:

    Grandson of Man- how much did he make… A lot!

    http://www.chicagobusiness.com/article/20130406/ISSUE01/304069983/rauners-love-hate-relationship-with-pension-funds


  6. - Ron - Monday, Nov 14, 16 @ 8:25 am:

    How much money will I lose because of Illinois outrageous public employee pensions?


  7. - wondering - Monday, Nov 14, 16 @ 8:26 am:

    Pure coincidence that Rauner tripled his income while governor. Pure conincidence.


  8. - Mal - Monday, Nov 14, 16 @ 8:32 am:

    OW

    To commentary that you wrote. Rauner is a 1 term governor. You continue to believe that money can always fool the people as you thought in the Munger race. You say Rauner will be impossible to beat in 2018? You also said Munger would win the comproller race after she recieved the $5 million dollar donation. Munger lost by 5 points and I don’t see Rauner being impossible to beat no matter how much money he puts in.


  9. - Oswego Willy - Monday, Nov 14, 16 @ 8:34 am:

    - Mal -

    I thought you were leaving.

    I read your comment.

    Good luck.


  10. - Mal - Monday, Nov 14, 16 @ 8:34 am:

    Rauner barely won the race his first time against a unpopular governor. This is after injecting millions in the race. Rauner impossible to beat in 2018? Lol


  11. - Birdseed - Monday, Nov 14, 16 @ 8:41 am:

    Of course Rauner can be beaten in 2018. The trick is to find an opponent to Rauner willing to absorb maybe 9 figures of punishment.


  12. - Ducky LaMoore - Monday, Nov 14, 16 @ 8:45 am:

    He manages his own affairs and makes 52-57 mil, but a blind trust nets him 188 mil. Sounds like a heck of a business man. ;)


  13. - Consideration - Monday, Nov 14, 16 @ 8:49 am:

    Rauner benefited to the amount of $2.25M, in 2015 alone, by letting the tax rate drop to 3.75%.

    Yet, I make too much as a state employee, raking in a whole $45k??


  14. - wordslinger - Monday, Nov 14, 16 @ 8:58 am:

    All that dough, and he spends his retirement years scheming to renege on contracts, toss people out of work and reduce other people’s incomes.

    I guess you should do what you love.


  15. - A guy - Monday, Nov 14, 16 @ 9:01 am:

    This does actually demonstrate that a blind trust, unencumbered by perceptions or ramifications has greater earning potential.

    This has been the case with countless presidents in the past.


  16. - illinois manufacturer - Monday, Nov 14, 16 @ 9:05 am:

    I just found it interesting he is running his money through Schedual D not E and he just put executive.


  17. - Ares - Monday, Nov 14, 16 @ 9:18 am:

    How much a person makes is not, in and of itself, evil. It’s how the money was acquired, and how it’s used. George Washington was a billionaire, yet developed the life experiences, and overcame the adversities, to become our greatest president. Be assured, the issue, though quietly pushed in the background, is not going away.


  18. - G'Kar - Monday, Nov 14, 16 @ 9:19 am:

    I just want to be sure that I am correct on this.

    In 2014 he reported income of 57.5 million
    In 2015 he reported income of 188.2 million

    So, he becomes governor and triples his income? Something smells fishy here.


  19. - Robert the 1st - Monday, Nov 14, 16 @ 9:30 am:

    =Diana and Bruce Rauner will spend tens of millions of their own money to purposely hurt people=

    Really? Is Rauner a cartoon villain? You might disagree with his politics but to pretend he’s spending his personal fortune to hurt people (when clearly he believes he’s helping) seems petty to me.


  20. - Team Sleep - Monday, Nov 14, 16 @ 9:33 am:

    This will certainly be an issue during the 2018 gubernatorial race. But will it matter? Not to compare the presidential race to the upcoming gubernatorial race but voters as a whole likely did not consider Trump’s vast wealth and business holdings to be a problem. How many people will vote during the 2018 election? Close to 5.5 million people voted this cycle. 2 million less voted in 2014. That alone could cushion Rauner from his income blowback.


  21. - Oswego Willy - Monday, Nov 14, 16 @ 9:36 am:

    -Robert the 1st -

    … and yet, measurably 1 in 13 Illinoisans, (1 million Illinoisans) are purposely hurt by Rauner and Diana’s money holding a budget hostage to destroy labor.

    “How do I know?”

    Diana Rauner securing $5 million from the Prirzkers to fund The Ounce, while Diana and Bruce’s business decision is based on the 2012 quote by Bruce.

    It’s not cartoon villains shutting down social service agencies, it’s Diana and Bruce’s monies funding leverage.


  22. - Robert the 1st - Monday, Nov 14, 16 @ 9:39 am:

    I like that reasoned response much better than the over-the-top drama above. I guess I expect more from you than the other chicken-littles here. You usually deliver.


  23. - Rocky Rosi - Monday, Nov 14, 16 @ 9:41 am:

    Let’s all take a chill pill on his income. He is part owner of a few sports teams, Bulls, Steelers and Rams. There tv contracts produced higher income for the owners and players.


  24. - Oswego Willy - Monday, Nov 14, 16 @ 9:41 am:

    - Robert the 1st -

    So you dismiss the… $46 million… Diana and Bruce Rauner poured into races that are fueled the Raunerites and allow the hostage taking to have a backstop?

    I expected better from you, LOL.


  25. - Stumpy's bunker - Monday, Nov 14, 16 @ 9:48 am:

    Raunerite financial resources are at a level barely imaginable to us rubes. This could result in ILGOP fundraising becoming a “weak muscle”, barely able to function.

    Consider too the day Diana taps BVR on the shoulder and announces that living in an 1854 house and driving a trashcan van is no longer the quaint fun it used to be; they could be off to a private tropical island, leaving Raunerbot Vichy Republicans to twist in the wind.

    Damaged ILGOP fundraising, changing demographics, and the long-ranging damage done by the Turnaround Seige, could result in an election day backlash in the future.


  26. - Robert the 1st - Monday, Nov 14, 16 @ 9:49 am:

    I don’t dismiss it. Rauner is spending that fortune for what he believes is the greater good. Most people would just move to FL if they were in his position.


  27. - Grandson of Man - Monday, Nov 14, 16 @ 9:57 am:

    The question now is how does it look for a governor who made nearly $190 million last year, off of government employees, to try like heck to slash employee pay, benefits and protections while not paying more in taxes.

    The answer should tell us much about our future.


  28. - Demoralized - Monday, Nov 14, 16 @ 10:01 am:

    Good for him on making money. We should all be so fortunate to be in such a position. That being said, it is very difficult to listen to someone like this tell other people that they make too much money and that their benefits are “platinum.”


  29. - Demoralized - Monday, Nov 14, 16 @ 10:02 am:

    ==How much money will I lose because of Illinois outrageous public employee pensions?==

    Go away already. These one-liners are getting really, really old.


  30. - ANONIME - Monday, Nov 14, 16 @ 10:04 am:

    If the Rauners really want to help Illinois, why don’t they donate some of that money toward retiring the debt? How about paying some of the employee medical expenses? If Illinois were a business withholding premiums for medical care and pocketing it, we would be under investigation. Instead, it’s apparently OK when you are a State.


  31. - X-prof - Monday, Nov 14, 16 @ 10:12 am:

    So, the Rauners’ state income tax rate is 3.67%. When will some enterprising reporter research and add in their tax on IL properties, then add in estimated sales tax to get his overall state and local tax rate? (Note to trolls: That’s tax rate, not the total amount.) Then get the word out to the public. I’m confident that would be an eye-opener for most tax payers who carry a tax rate at least twice as large as the Rauners, Griffens, Uihleins of this world.

    Rauner can be defeated in 2018, but only if the Dem leadership hammers home the inequity and inefficiency in our current revenue structure with a plan to fix it. A big chunk of our fiscal problems could be erased by making our wealthiest citizens carry their fair share. However, if IL Dems continue to ignore the needs of working class and middle-income taxpayers, Rauner could easily be reelected. I hope they take last week’s electoral results as a wake-up call.


  32. - hisgirlfriday - Monday, Nov 14, 16 @ 10:30 am:

    So he could even give 10% to charity making 188 million.

    And we are supposed to believe charity will pick up the slack once the social safety net is a thing of the past?


  33. - The Professor - Monday, Nov 14, 16 @ 10:33 am:

    The governor’s income amounts to a million dollars every 41 hours. How can he relate to or understand the average Illinois citizen or more importantly the person having trouble paying the electric bill.


  34. - Anonymous - Monday, Nov 14, 16 @ 10:47 am:

    Ducky earlier this morning: “He manages his own affairs and makes 52-57 mil, but a blind trust nets him 188 mil. Sounds like a heck of a business man. ;)

    My understanding is that Rauner’s money isn’t actually in a blind trust. Instead, he gave power of attorney to NYC investment advisor.

    So, how “blind” are his investments and can we “trust” the results?

    http://www.chicagotribune.com/ct-bruce-rauner-finances-met-0122-20150122-story.html


  35. - X-prof - Monday, Nov 14, 16 @ 11:00 am:

    @The Professor: A capacity for empathy that can overrule ego and self interest; that would do it. There exist billionaires who have it.


  36. - walker - Monday, Nov 14, 16 @ 11:38 am:

    The other side of this story, is that Rauner still pays a pile in taxes, unlike many of his economic peers.


  37. - Annonin' - Monday, Nov 14, 16 @ 11:57 am:

    It seems the obvious question is will BigBrain as Mr/Ms “Blind Trust” to invest pensions cash — unfunded liability erased overnite — cash sittin’ in funds so unpaid bills gone.


  38. - G'Kar - Monday, Nov 14, 16 @ 12:10 pm:

    Sorry, I was the anonymous at 10:47.


  39. - Whatever - Monday, Nov 14, 16 @ 2:54 pm:

    hisgirlfriday @ 10:30 am - If your comment about the Governor giving 10% to charity is based on the fact that his itemized deductions are slightly less than $11 million, which is less than 10% of his $188 million in income, this is a misreading of his return. At his income level, he loses 80% of his deduction for charitable contributions. It is conceivable that the $11 million itemized deductions claimed means he actually gave $55 million to charity.
    You can’t really tell anything about the Governor’s finances from these two pages of his federal return except that he made a lot of money.


  40. - James Knell - Monday, Nov 28, 16 @ 11:48 am:

    I’m against people “earning” this much money. I’m even more against them using it to try to dominate government & society.

    Assuming humans survive, some day people will look back and think “how primitive!” But at least we were born after the discovery of antibiotics.


Sorry, comments for this post are now closed.


* Isabel’s afternoon roundup
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* IVF debate takes a weird political turn
* ComEd Four sentencing will be delayed
* It’s just a bill
* Open thread
* *** UPDATED x1 *** Isabel’s morning briefing
* Live coverage
* Yesterday's stories

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