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* 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…
