Illinois Republican governor candidate Bruce Rauner’s tax returns from last year have been made public by his campaign persons, according to the Chicago Tribune on Friday. The results of the disclosure reveal no surprises on top of what has already been asserted about Rauner previously. He is extremely successful and very wealthy.
Cover sheets of Rauner’s tax returns indicate that he made just over $60 million in 2013. He and his wife Diana paid $17.25 million in federal and state taxes for the year. The amount he paid in taxes is a tad more than the amount of money he has spent on his campaign to defeat Democratic Illinois Gov. Pat Quinn. The $17.25 million he has sunk into his campaign includes his most recent self-contribution of $1.5 million that he put into his campaign on Friday.
Though there is no state law that requires a person seeking public office make their income tax filings public, it is something that people running for public office have done. Rauner released his 1040 federal and state tax forms but did not include other forms, attachments and schedules that would provide more details about his income, business losses and tax deductions. It is reported that Rauner had filed for an extension for the April 15, 2014 filing of his federal and state income taxes. Therefore, the due date was to be next week.
The majority of Rauner’s income in 2013 came from capital gains. That amount was $41 million of his income. Fourteen million dollars was from interest and dividends. Rauner’s tax returns included more than $10 million in federal deductions. Accompanying that portion of the tax return revelations, it was stated that Bruce and Diana Rauner and a separate family foundation made charitable contributions of at least $5 million. According to the Illinois Observer, Rauner and his lieutenant governor candidate Evenlyn Sanguinetti both made their last three years of tax information public.
Rauner has not tried to mask his tremendous wealth from the public during the campaign. He has openly stated that his net worth is in excess of $500 million. It is commonly known that he has real estate in Chicago, New York, Florida, Montana, and Wyoming – and possibly in more places. Rauner’s opponent Gov. Pat Quinn has had a difficult time in trying to make Rauner’s wealth a negative. Primarily, it has been difficult for Quinn to do because Rauner is open about his wealth and asserts that he has honestly worked hard to achieve his fortune. Quinn’s claims that Rauner’s success and wealth is a negative simply comes across as sour grapes, as Quinn does not have a history of financial success like Rauner. Basically, Quinn is a career politician in recent decades who has lived well off his public job.