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Rauner releases tax return: $60.8 million income

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* 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.”

posted by Rich Miller
Friday, Oct 10, 14 @ 6:30 pm

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