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Rauner releases tax return: $60.8 million income

Friday, Oct 10, 2014 - Posted by Rich Miller

* From the Bruce Rauner campaign…

Rauner 2013 Tax Summary:
Income on Federal Return: $60,777,806
Adjusted Gross Income on Federal Return: $60,150,853
Federal Income Taxes Paid: $14,373,718
Federal Effective Tax Rate on Income: 23.65%
Federal Effective Tax Rate on Adjusted Gross Income: 23.90%
Illinois Net Income on State Return: $61,432,654
Illinois Income Taxes Paid: $2,878,381

The basic 1040 return is here.

* The press release…

Bruce Rauner released his 2013 federal and state 1040’s, reflecting income and tax rates, while detailing the Rauner family’s substantial charitable and community giving last year.

Last year, the Rauners paid more than $17 million in federal and state taxes on income of $60.8 million for a total effective tax rate on income of more than 27.5%. Their federal effective tax rate on income exceeded 23.5%.

“I’m nobody that nobody sent and independent of the special interests,” Rauner said. “Unlike Pat Quinn, who put self-dealing and cronyism ahead of the people, I’ll put the people first and end decades of corruption in state government.”

In addition, the Rauners and their family foundation made charitable contributions totaling more than $5 million, including a $1 million contribution to the Red Cross last November for relief efforts following the devastating tornado in Washington, Illinois.

“Diana and I are proud to be able to give back to the state we love by supporting community organizations and giving those in need a helping a hand,” Rauner said. “We are passionate about making Illinois a better place for every person in state, and I look forward to increasing opportunities for every person in our state next year as governor.”

Additionally, Bruce’s wife, Diana, takes no salary for her work as president of the non-profit Ounce of Prevention Fund.

There will probably be updates to this post. If you know anything about taxes, shoot me an e-mail with your thoughts. Thanks.

…Adding… Quinn campaign…

Quinn for Illinois issued the below statement from Communications Director Brooke Anderson in response to Republican billionaire Bruce Rauner’s disclosure of just four pages of his 2013 tax returns showing he raked in more than $60 million. At the same time, he proposed cutting the minimum wage. Bruce Rauner is leading the most deceptive campaign in Illinois history and refusing to release his full tax records like transparent candidates do, including Governor Quinn and Mitt Romney:

“Republican billionaire Bruce Rauner’s partial disclosure of his 2013 tax returns shows that he not only he took in more than $60 million - he took in those millions at the same time he was running around Illinois advocating to cut the minimum wage.

“Mr. Rauner’s disclosure is wholly insufficient and raises more questions than answers. What are his sources of income? What loopholes is he jumping through? Does he have any conflicts of interest in his finances? The voters don’t know because Mr. Rauner is hiding this information from them.

“What we do know is this: Bruce Rauner took in $30,000 an hour last year while he sought to lower the minimum wage and he certainly can’t be trusted to look out for Illinois’ working families.”

  Comments Off      


Tribune, Crain’s endorse Rauner

Friday, Oct 10, 2014 - Posted by Rich Miller

* No surprise here. The Mother Ship’s “bottom line”…

Illinois must change direction. This state faces enormous financial and economic perils going forward. We know Quinn’s way — more tax money! — and that he simply can’t bend the powers that be in Springfield. We’d rather have a governor with Rauner’s outsider moxie.

For the broke, broken Illinois of 2014, Bruce Rauner is two challengers in one:

He’s challenging an incumbent who tried and came up short. He would challenge the power brokers who like Illinois just as it is. No wonder they loathe Rauner. He makes them sweat.

He deserves your vote.

* Crain’s chimed in with its own nod for Rauner…

Originally an outsider, Mr. Quinn unfortunately has fallen victim to the vices of one-party rule, promoting patronage and passing around political favors. He has not garnered enough political support, among voters or in the Illinois General Assembly, to serve as a counter-weight to House Speaker Michael Madigan or Senate President John Cullerton. He is too ready to spend taxpayer money on projects that we can’t afford or aren’t even needed, such as an airport in Peotone and the Illiana Tollway.

If elected, Mr. Rauner likely would face stiff opposition in the Democratic-controlled Legislature. Still, his relationship with the Democratic leadership is unlikely to be worse than Mr. Quinn’s, and could be better, by putting honest differences on the table.

Illinois has been on the wrong path for years, going back to a time before Democrats reclaimed the governor’s office. With an independently minded Mr. Rauner, we now have a chance to change course. Mr. Rauner deserves your vote.

The only thing I will point out here is that when somebody claims “Illinois government can’t possibly get any worse,” I always say they are misinformed. Of course it can. I’m not saying that Rauner will make it worse, mind you. I’m just sayin…

…Adding… I should also point out that if Quinn is reelected, things might also get worse. He’ll be a lame duck who isn’t listened to or heeded much now. I don’t know if it’ll get worse, but it’s possible. The point here is that anybody who says it can’t get worse knows nothing about the Statehouse.

  64 Comments      


*** UPDATED x1 *** Debate roundup

Friday, Oct 10, 2014 - Posted by Rich Miller

* Subscribers already know part of my take on last night’s debate and I’m putting a post together about another highly interesting moment, but you can chew on this stuff for a while until the other post is ready…

* Quinn, Rauner try to create fear about the other guy during debate: Quinn stuck largely to a class warfare script against Rauner, a wealthy equity investor from Winnetka, in delivering a more polished and aggressive performance reflective of his political experience. Quinn repeatedly suggested Rauner’s plan to cut taxes would hurt education funding… “Unfortunately, under Gov. Quinn, Illinois has been one of the worst-run states in America. We have rampant misspending of taxpayer money, massive waste in the system,” Rauner said. The Republican challenger attacked the state’s system of purchasing goods and services as “part of the cesspool of cronyism and patronage that’s so endemic inside our state government. (Quinn) relies on that for his election. He relies on that for campaign cash. And that’s rampant throughout the departments.”

* Governor Candidates Debate: Rauner said Quinn has been a failure as governor. “Pat Quinn has been a failure on jobs. Under his administration, we’ve become the lowest state of job growth of any state in the Midwest,” he said. Quinn said Rauner has had is troubles as a financier. “My opponent talks about successful results – he’s been involved with 12 different bankruptcies involving other companies, and there’ve been six of his executives indicted and convicted and sent to jail. Two are under indictment now. They’ve got 150 lawsuits against a nursing home chain,” he said.

* Quinn-Rauner debate: Each casts other as state’s worst nightmare: “My opponent, all across Illinois, went across this state, saying eliminate the minimum wage. A person taking in $53 million a year running around Illinois saying eliminate the minimum wage. He’s adamantly against the minimum wage. Well, I’m adamantly for raising the minimum wage” [said Quinn]… “Pat Quinn has been governor for six years, and he’s had a super majority of his party in the General Assembly,” Rauner said. “And he has not increased the minimum wage in that time. If he was serious about this, he could have gotten it done. He’s playing political football with people’s lives and with our economy.”

* Illinois Governor Candidates Square Off In Debate: “Politicians in Illinois said every time they want to raise taxes it’s for schools,” Rauner said. “We put the lottery in Illinois to fund our schools. The money doesn’t really fund our schools. Our current Governor raised income tax by 67 percent, said it would be for education then he cut half a billion from school funding.” “When it comes to education funding, my opponent makes up things,” Quinn said. “We’ve increased education funding in the classroom by $500 million, independent fact checkers have indicated that. We’ve also paid the teacher pension every single year.”

* Little focus on downstate issues in first gubernatorial debate: Little else directly related to downstate came up, save for a single question on a proposal by state Sen. Andy Manar, D-Bunker Hill, to change the funding structure for primary and secondary education. But while that’s a measure that “is having a regional fault line,” Mooney said, it’s as much related to wealthy districts versus poorer districts as specific regions of the state.

* Quinn, Rauner clash over Illinois economic climate: Democratic Sen. Andy Manar’s proposal would direct more state money to poorer rural districts at the expense of wealthier suburban districts… Quinn said the state needs to increase education investment. But he says Manar’s proposal needs “a lot of oversight and review” as well as more debate. Rauner said he “probably wouldn’t support that particular bill.” He said he favors an overhaul of the current formula.

* Quinn, Rauner detail regrets in governor’s debate: Quinn says he’s “definitely not perfect,” and doesn’t think any human being is. He says he regrets not cutting lawmakers pay — and his own — to spur an overhaul of the state’s underfunded pension systems sooner. Rauner says not every company his private equity firm has created or acquired has been successful. He also noted he’s “rarely” seen business executives engage in unethical behavior. He says he’s tried to take action to quickly correct that.

Your own take-away?

*** UPDATE *** From the Quinn campaign…

After a panelist hoped against hope during Thursday night’s debate for Bruce Rauner to make his fantastical tax plan “add up,” Governor Pat Quinn set the record straight on the Rauner Tax Plan that not only doesn’t add up, but would devastate Illinois education in order to give billionaires like Rauner a $1 million tax cut.

“I don’t go for that,” Governor Quinn is shown as saying to the new Rauner Tax on services and consumption, and a budget hole that would result in the layoff of 1 in 6 schoolteachers in Illinois.

In a new Quinn for Illinois web video, here’s the question asked by a WUIS reporter that Bruce Rauner just couldn’t answer:

“Outside of your own campaign, nobody seems to make the numbers in your blueprint add up. You said you want to give more money to state parks, to education, higher education, while at the same time cutting revenues and rolling back the income tax to 3% in four years. Let’s try again: Make that add up, please.”

(He couldn’t.)

* The video is pretty cleverly done…

  33 Comments      


Ouch! That one’s gonna leave a mark

Friday, Oct 10, 2014 - Posted by Rich Miller

* Gov. Pat Quinn’s new TV ad is brutal and, to my eyes and ears anyway, incredibly effective. Perhaps you disagree, so watch it and discuss below…

I’m not calling it “Bloodtober” for nothing.

Wow.

…Adding… Script…

NARRATOR: What do we really know about Bruce Rauner?

Court documents reveal Rauner threatened an executive after firing her for not laying off workers to maximize profits.

NBC news reported Rauner said:

    CAROL MARIN: “Quote. I will bury her. I will bankrupt her with legal fees. I don’t know if she has a family or not but if she does she better think twice about this.”

NARRATOR: Did Bruce Rauner really think no one would find out?

  121 Comments      


Cross hit with formal contribution cap complaint

Friday, Oct 10, 2014 - Posted by Rich Miller

* Mike Frerichs’ campaign, through a surrogate, has filed a formal complaint with the Illinois State Board of Elections alleging that Tom Cross’ state treasurer’s campaign has avoided state contribution caps by using multiple campaign committees. The violation is alleged to be at least $180,000.

For background on the allegations, click here to see a post I did late last month. To read the complaint itself, click here.

…Adding… From a press release…

Tom Cross was charged today with gross violations of Illinois campaign finance laws as detailed in a sworn complaint filed with the Illinois State Board of Elections (SBoE). The complaint documents repeated violations of Illinois campaign finance laws by Tom Cross. The complaint alleges Cross filed false financial disclosure reports with the Illinois State Board of Elections, accepted contributions in excess of the statutory maximums, and used multiple political committees to circumvent campaign finance laws. Specifically, the complaint alleges that:

    · Cross failed to report nearly 200 contributions totaling $180,000 as required by law that were made to his campaign for State Treasurer as in-kind expenditures;
    · Tom Cross personally headed the political action committee, Cross for Treasurer, that filed false financial reports with state regulators;
    · Tom Cross accepted over $180,000 in contributions that grossly exceeded the cap of $52,600 by a political action committee;
    · Tom Cross controlled, either directly or indirectly, seven different political funds that were used to evade the $5,300 cap on individual contributions on at least two occasions.

The complaint asks SBoE to fine Cross for: accepting contributions in excess of statutory maximums; failing to disclose these contributions in quarterly reports; and failing to report each contribution over $1000 out of the $180,000. The Frerichs campaign estimates that Tom Cross failed to report approximately 40 individual contributions in excess of $1000.

In addition, the complaint asks SBoE to conduct a full audit of each of the seven committees under Tom Cross’s control. The complaint was filed today in SBoE’s Chicago office after serving official notice on Tom Cross and on his campaign. SBoE will likely hear the matter at its next board meeting, October 21st.

  11 Comments      


Rate Bruce Rauner’s new TV ad: “Corruption”

Friday, Oct 10, 2014 - Posted by Rich Miller

* From the Rauner campaign…

Bruce Rauner’s campaign launched a new ad today highlighting Pat Quinn’s record of cronyism and corruption.

“Pat Quinn took over for Rod Blagojevich and picked up right where he left off,” Rauner campaign spokesman Mike Schrimpf said. “Quinn doubled Blagojevich’s illegal political hiring program and now Quinn’s at the center of federal criminal investigations by two United States Attorneys.”

* The ad…

* The script…

Voiceover: “One hundred years of corruption and counting.”

Pat Quinn: “We do not need a governor of Illinois who is ethically challenged.”

News Anchor: “A criminal grand jury is investigating Governor Pat Quinn.”

Pat Quinn: “We’ve restored integrity and honesty.”

News Anchor: “The findings come on the heels of Quinn defending himself in another investigation.”

Pat Quinn: “I promised to restore integrity – and we have.”

News Anchor: “Another day, another political scandal for Governor Quinn.”

Voiceover: “First Blagojevich. Now Quinn. Can we afford four more years?”

…Adding… Quinn campaign response…

After billionaire Bruce Rauner’s week of desperation began with a demonstrably false ad accusing people of killing babies, slinked into a witch hunt led by the Rauner forces that did nothing but expose their own political motivations and culminated with a fact-free debate “whiff” in Peoria, Quinn for Illinois Deputy Press Secretary Izabela Miltko had this to say:

“Let’s be clear - there’s only one candidate in this race with a real record of corruption and that’s Republican billionaire Bruce Rauner.

“Time and again, Mr. Rauner’s businesses engaged in bribery, fraud, neglect, abuse and outright corruption under his watch, in his name and for his profit.

“Each and every time, Bruce Rauner cashed out before the wrongdoing was exposed, leaving others to clean up the mess.

“As his record is exposed and the public finds out about the REAL Bruce Rauner, we can only expect more desperation and more money spent to try to buy facts that aren’t there.”

  62 Comments      


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