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Rauner releases tax returns, made $91 million last year

Tuesday, Oct 17, 2017

* From a press release…

Gov. Bruce Rauner today released his 2016 federal and state 1040s, reflecting income and tax rates, while detailing the Rauner family’s charitable and community giving last year.

In 2016, the Rauners paid more than $22.9 million in federal and state taxes on federal taxable income of $73 million and state taxable income of $91 million. Their federal effective tax rate on income was 26.59 percent.

In addition, the Rauners and their family foundation made charitable contributions totaling more than $6.6 million.

Rauner 2016 Tax Summary:

    Total Income on Federal Return: $90,707,917

    Adjusted Gross Income on Federal Return: $90,441,458

    Taxable Income on Federal Return: $73,347,568

    Federal Income Taxes Paid: $19,504,022

    Federal Effective Tax Rate on Taxable Income: 26.6 percent

    Federal Effective Tax Rate on Adjusted Gross Income: 21.5 percent

    Illinois Taxable Income on State Return: $91,354,858

    Illinois Income Taxes Paid: $3,248,605

The returns are here.

Democratic candidates JB Pritzker and Chris Kennedy have not yet released their returns despite repeated calls by Sen. Daniel Biss that they do so.

* A bit more context…

- Posted by Rich Miller        

  1. - wordslinger - Tuesday, Oct 17, 17 @ 4:58 pm:

    It’s sad that the state’s terrible business climate is keeping guys like Rauner, Griff and Uiehlein from making a buck.

  2. - Anon221 - Tuesday, Oct 17, 17 @ 4:59 pm:

    Must be tough having a 50% income loss. I’m sure there are plenty of folks in the education and social services field that feel for Rauner. Better buy up some bonds to restock the portfolio.

  3. - Jocko - Tuesday, Oct 17, 17 @ 5:03 pm:

    ==Their federal effective tax rate on income was 26.59 percent==

    That percentage goes WAY down when taking the billion dollar “blind” trust into account.

  4. - Oswego Willy - Tuesday, Oct 17, 17 @ 5:04 pm:

    Rauner made $90 million?

    Illinois is the worst. Worst state, worst for business, worst for incomes.

    Illinois kept Rauner from that $100 million year…

  5. - G'Kar - Tuesday, Oct 17, 17 @ 5:06 pm:

    This explains why he in not of the Forbes list./s

  6. - VanillaMan - Tuesday, Oct 17, 17 @ 5:10 pm:

    I think thats what JB spent avoiding taxes.

  7. - Anonymous - Tuesday, Oct 17, 17 @ 5:12 pm:

    No deets on charitable contributions? How much went to personal pac and the IPI?

  8. - The Captain - Tuesday, Oct 17, 17 @ 5:12 pm:

    $3,248,605 - Amount Rauner paid to the State of Illinois last year
    $4,450,000 - Amount Rauner paid to the Illinois Republican Party in just the last month

    He’s spending much more money to presumably lower his tax burden … than his actual tax burden.

  9. - WilmetteWillard - Tuesday, Oct 17, 17 @ 5:16 pm:

    Good for him. Always appreciate when people maximize their value in a legal way.

    Now where is Mr. Pritzkers’?

  10. - David - Tuesday, Oct 17, 17 @ 5:21 pm:

    Forbes lists all the Billionaires he has never appeared. He put his .net at 500 million

  11. - Steve - Tuesday, Oct 17, 17 @ 5:26 pm:

    It appears Bruce Rauner pays more than his fair share of taxes to the state of Illinois. Anyone expecting him to pay more is just jealous and greedy. After all, Bruce is paying the bills.

  12. - Pot calling kettle - Tuesday, Oct 17, 17 @ 5:29 pm:

    ==Rauner’s ‘16 state taxable income of $91 million is down from his ‘15, when he made $187.6 million.==

    Will he blame Madigan for that 50% pay cut?

  13. - Oswego Willy - Tuesday, Oct 17, 17 @ 5:31 pm:

    ===It appears Bruce Rauner pays more than his fair share of taxes to the state of Illinois. Anyone expecting him to pay more is just jealous and greedy. After all, Bruce is paying the bills.===

    1) We’re all taxpayers. We all pay taxes here in Illinois, can’t be avoided.

    2) So Rauner paying taxes means Laborers and Union works must make… less?

    How much does Rauner need to make so Union workers can have a prevailing wage and collectively bargain for rights?

    “After all, Bruce is paying the bills.”

    When Bruce and Diana pay $39 billion to the state, fund it completely, and allow the other 12 million of us, including Ken Griffin to pay zero income tax, then you get back to me, but then that pesky constitution gets in the way… so go bank to the dorm room.

  14. - David - Tuesday, Oct 17, 17 @ 5:33 pm:

    Interesting he lost money from his GTCR partnerships. But he made 80 million in capital gains probably carried interest.The top 1 percent about 1.3 million taxpayers take on over half of all this business income. Rauner still ranks in the top 1300 taxpayers. Cut off for top 1 is 400000 and top 1300 is 50 million.

  15. - Huh? - Tuesday, Oct 17, 17 @ 5:37 pm:

    Can’t wait to see next year’s taxes. I wonder how much he will be donating to the private school scholarship funds. /s

  16. - Pot calling kettle - Tuesday, Oct 17, 17 @ 5:44 pm:

    ==It appears Bruce Rauner pays more than his fair share of taxes to the state of Illinois.==

    Really? More than his fair share? Did he pay more than the percentage everyone else was paying? Did he forget his deductibles? Does he need a new accountant?

    Or, perhaps, he deserves to pay a lower percentage than everyone else. What is his “fair” share? Please enlighten.

  17. - Anon221 - Tuesday, Oct 17, 17 @ 5:54 pm:

    Rauner is most likely still reaping capital gains as a result of managing Illinois pension funds. He’s not workin’ for these dollars, but he sure as h^ll is ready and raring to deny caregivers a decent living wage. Those vetoes of his weren’t “carrots” to get the GA to go full on bipartisan.

  18. - David - Tuesday, Oct 17, 17 @ 6:50 pm:

    I think anon 227 is right. The cap gains could be carried interest. None of the partnership income seems active no self employment tax But he shows a loss there. The top 1 percent bring in half of all business income and Rauner is an exampke of that. He makes a lot and he has a very good tax rate even after the tax increase.

  19. - Jaxon - Tuesday, Oct 17, 17 @ 7:45 pm:

    Just so proud for the “ self made man” whose father was a VP at Motorola and attended Dartmouth, drops his G’s and wears plaid flannel.?

  20. - City Zen - Tuesday, Oct 17, 17 @ 9:01 pm:

    ==Did he pay more than the percentage everyone else was paying?==

    He paid more than all the retirees in the state combined. Then again, I paid more than all the retirees in the state combined.

  21. - Anonymous - Tuesday, Oct 17, 17 @ 10:15 pm:

    I’m sure all the marzxists would be happier if the rich just left the state.

  22. - Robert the 1st - Tuesday, Oct 17, 17 @ 11:22 pm:

    =He paid more than all the retirees in the state combined. Then again, I paid more than all the retirees in the state combined.=

    The expert, legal scholars here will scream “that’s different.” Like every time I debate them in constitutional or labor law.

  23. - wordslinger - Wednesday, Oct 18, 17 @ 12:00 am:

    CZ, you and Bobby get busy on that taxing retirement income idea. I bet you might find ten GA members that would support it (but not one gubernatorial candidate).

    But at least you can pretend you’re coming up with realistic ideas.

  24. - David - Wednesday, Oct 18, 17 @ 4:53 am:

    I just don’t get those that 💘 the rich more than most of the rich 👍 themselves.

  25. - Demoralized - Wednesday, Oct 18, 17 @ 7:41 am:

    I don’t begrudge the guy for making money. But, this is exactly why he doesn’t care what happens to anyone. He’s got money. Not funding higher ed. Watching social services collapse. Stiffing vendors out of payment. Wanting to reduce wages and take away benefits. None of that affects him.

  26. - Demoralized - Wednesday, Oct 18, 17 @ 7:43 am:

    ==The expert, legal scholars here will scream “that’s different.”==

    Probably because it is in this case.

    ==Like every time I debate them in constitutional or labor law.==

    That’s probably because you’re no more an expert than any of the rest of us. And probably because you continually peddle nonsense using false equivalencies when talking about fair share.

  27. - City Zen - Wednesday, Oct 18, 17 @ 8:49 am:

    word - You might want to check with the Dem candidates promoting progressive tax plans. Their the ones implying they will tax retirement income.

  28. - Well... - Wednesday, Oct 18, 17 @ 8:49 am:

    At least he released his. Got to give him credit for that when the other candidates wont release theirs.

  29. - wordslinger - Wednesday, Oct 18, 17 @ 9:05 am:

    CZ, how does support of a graduated income tax “imply” taxing retirement income?

  30. - Ci - Wednesday, Oct 18, 17 @ 9:22 am:

    word - From JB:

    “It’s time for that to change. As governor, I’ll fight to pass a progressive income tax. It will make the wealthy pay more, provide support for priorities like education and reduce the tax burden on middle class families.

    Let’s make our tax system fair and bring real change to Illinois.”

    He didn’t say only working wealthy.

  31. - Oswego Willy - Wednesday, Oct 18, 17 @ 9:28 am:

    So… where is that saying taxing retirement income?

    Usually we can read things like…

    “I’m taxing retirement income”

    I don’t see that…

  32. - Anonymous - Wednesday, Oct 18, 17 @ 10:28 am:

    Our state is $3M richer thanks to the Rauners.

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