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* That was quick…
After brusquely rejecting on Monday that she should release her income tax returns, Chicago mayoral candidate Carol Moseley Braun did an about face Monday night.
She now says she will release her tax records Tuesday, matching the disclosures made by her three major opponents.
“She changed her mind. It is no big deal,” Braun spokeswoman Renee Ferguson said. “She had intended to release them after Feb. 22 (Election Day), but everybody made such a big deal of it.”
* More…
Braun, who heads a coffee and tea company called Ambassador Organics, has suggested she has endured some recent financial challenges, including holding off on paying property taxes on her home because she was trying to keep the company functioning.
“I think it’s a nonstory. … Yes, I delayed paying them,” Braun told the Tribune in the fall. “I’m running a small business and I had to make a choice between paying my property taxes on Day 1 or day whatever it was and I chose the latter date. But they were paid.”
Opponents Rahm Emanuel, Miguel del Valle and Gery Chico each released their returns last month. Emanuel’s showed he and his wife made nearly $2 million during the last five years , and that they paid more than $300,000 in federal taxes.
Chico’s returns showed he made millions of dollars the last few years from his law firm, which lobbies City Hall on behalf of clients. Chico is a longtime City Hall insider, serving as Mayor Richard Daley’s chief of staff and Chicago Board of Education president.
* Related…
* Liberal group endorses del Valle
* Chico: Talk of Canceling Parking Contract “Wildly Irresponsible”
* Chico, Braun assail parking meters deal
* Moseley Braun: City Got ‘Snookered’ By Parking Meter Deal
* Finally, Some Rulings From The Board Of Elections
* Moreno Claims Opponent Attempted Shakedown
* Inspector: Punish two principals
* Petition page numbers cost candidate her ballot spot
posted by Rich Miller
Tuesday, Jan 4, 11 @ 4:27 am
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Hmm, I can’t find details about Rahm’s tax return online, but the figures quoted in the Tribune surprise me. The Emanuels earned $2 million over 5 years ($400,000/year), but only paid an effective tax rate of 15% ($60k/year, $300k total)? What kind of deductions were there in that? I know that the WH Chief of Staff makes a decent salary, so it isn’t like they can claim that all of that income was from investments and thus taxed at only 15%. Are they particularly generous charitably (if so, good for them)?
I’m not suggesting that Rahm did anything wrong or unethical- if he has a good tax planner or took advantage of some investment losses to offset his income and thus lower his tax liability, more power to him. It’s just sometimes surprising how relatively little some wealthy people manage to pay in taxes, and I’m always curious how they do so.
Comment by South Side Mike Tuesday, Jan 4, 11 @ 7:12 am
The days when you can sandbag on your tax returns are over, Jason Plummer notwithstanding.
Comment by wordslinger Tuesday, Jan 4, 11 @ 7:36 am
CMB flip flopped already. If you change your mind, then at least be mature enough to admit a mistake. “everybody made such a big deal about it” is NOT the quote you want in the media.
Comment by jayhawk97 Tuesday, Jan 4, 11 @ 9:01 am
Gee, I wish I could pay only 300K taxes on 2 mil…. how did they get the 420K discount?
Comment by Plutocrat03 Tuesday, Jan 4, 11 @ 10:33 am
Great mayoral candidates or GREATEST MAYORAL CANDIDATES?
Comment by hammer Tuesday, Jan 4, 11 @ 10:55 am
For someone who’s run one successful race for the U.S. Senate and run a presidential campaign, you would think Carol Moseley Braun would be running a more effective mayoral campaign.
Comment by Boone Logan Square Tuesday, Jan 4, 11 @ 11:19 am
Boone,
Her mayoral campaign is humming along just like the well-oiled machine that was her 2004 presidential campaign.
Comment by Northsider Tuesday, Jan 4, 11 @ 11:30 am
CMB & Jimmy McMillan in 2012!
“I didn’t want to.” Why? “Because the rent is too damn high.”
Answer to all our problems, right there.
Comment by S Tuesday, Jan 4, 11 @ 11:37 am
Rich - you need a like button for the comments. -S- great reference: “The rent is too damn high!!!”
Comment by jayhawk97 Tuesday, Jan 4, 11 @ 11:52 am
I would suggest the real African-American candidate with a shot to win is… DelValle. Because if black folks in Chicago want to be taken seriously as a bloc, they’re going to have to throw their in with the Hispanics. That creates a bloc that is big and diverse enough to make pols sit up and beg.
Divided, you’ll just get scraps.
Comment by Gregor Tuesday, Jan 4, 11 @ 12:47 pm
You’ve got to be kidding me.
Comment by levois Tuesday, Jan 4, 11 @ 1:15 pm
Ho hum - who really cares?
Comment by Fed-Up Tuesday, Jan 4, 11 @ 3:54 pm
The real estate tax payment is confusing. Did she pay it without a penalty, or did she “choose the latter date” to pay, whatever that means.
Comment by Tom Joad Tuesday, Jan 4, 11 @ 5:13 pm