Rauner’s tax returns show he made more than $60 million last year, but Quinn says we need more information

Oct 13, 2014

Republican gubernatorial candidate Bruce Rauner’s 2013 tax returns show that he made more than $60 million last year, according to the Chicago Tribune. More than $17 million of that went to state and federal taxes. His 2013 income was higher than his 2012 income of about $53 million, according to the Chicago Sun-Times.

From the Tribune:

In keeping with past practices, Rauner’s campaign released only copies of the 1040 federal and state forms but did not provide copies of other forms, attachments and schedules that would provide more information about the sources of Rauner’s income, business losses and tax deductions. Rauner released his tax information late Friday afternoon on a holiday weekend, a time when the public tends to be less focused on the news.

The Tribune notes that while it is not legally required for Illinois political candidates to provide income and tax information, most usually do. According to another Tribune report, Democratic candidate Gov. Pat Quinn released his 2013 tax returns in April, showing that he made more than $160,000 (his governor salary) and paid approximately $40,000 in state and federal taxes. Quinn also provided the other forms that Rauner did not.

According to the Tribune, his 2013 taxes are due next week, after filing for an extension on the usual April 15 deadline.

Rauner left his investment firm GTCR in March of last year, but was still involved in many of the company’s investments.

From the Tribune:

The federal tax information Rauner released Friday showed the bulk of his income — more than $41 million — took the form of capital gains, which are taxed at a lower rate than regular income. Another $14 million came from interest and dividends.

Rauner’s tax return cover sheet showed more than $10.1 million in federal deductions, but the materials the campaign released did not specify what they were. Instead, the campaign issued a statement saying the Rauners and a separate family foundation made charitable contributions of more than $5 million.

One of the Rauner campaign’s main points is that he calls himself a successful businessman who would know how to apply business principles to running the state. Quinn often criticizes Rauner for his wealth and has charged him with being out of touch with average Illinoisans.

According to the Associated Press, the Quinn campaign said Rauner’s tax information release isn’t enough to answer all of the questions Illinoisans have about his money.

From the AP:

In her statement, Quinn campaign spokeswoman Brooke Anderson called the information “wholly insufficient and raises more questions than answers.” Anderson questioned where Rauner’s money comes from and “what loopholes is he jumping through?”

According to the Sun-Times:

A Rauner spokeswoman said in response: “Bruce has already disclosed every investment that does business in Illinois and pledged a blind trust if elected governor.”

Discussions about wealth, taxes, jobs and the minimum wage all featured prominently at the candidates’ first debate appearance Thursday night at the PBS station in Peoria. The Sun-Times “Off Message” panel, lead by the Sun-Times’ Natasha Korecki, discussed the debate.

Sun-Times columnist Mary Mitchell said Quinn won this round for his debate skills and relaxed tone. Deputy Editorial Page Editor Kate Grossman also gave the win to Quinn, calling him “assertive” in communicating his message. But columnist Mark Brown didn’t agree–he didn’t think either candidate could claim victory.

The panelists also discussed the candidates’ polite demeanors, the predictable nature of their talking points on taxes and political ideologies and how each candidate’s financial situation is perceived by the public. Also discussed: the candidates’ fashion choices for the night.