Rauner made $60.1 million last year, tax returns show

Republican governor candidate Bruce Rauner made $60.15 million last year up from $53 million the year before, according to cover sheets of his tax returns his campaign released Friday.

All told, Rauner and wife Diana reported paying $17.25 million in federal and state taxes for 2013. Thats only slightly more than the $17.1 million of his own fortune that Rauner has put into his campaign against Democratic Gov. Pat Quinn. That total includes a $1.5 million contribution the Republican challenger reported making to his campaign fund Friday.

In keeping with past practices, Rauners 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 Rauners 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.

State law does not require candidates to release their income tax filings, but it has become commonplace for office seekers to do so. Quinn and many other candidates also provide copies of their entire filings, including attachments and schedules.

Rauner had filed for an extension for the April 15 filing of his federal and state income taxes. That made them due next week, less than a month before the Nov. 4 election.

Prior to launching his campaign in March 2013, Rauner left his position as a name partner at private equity firm GTCR. The candidates economic disclosure with the state showed he kept a partnership interest in a lengthy list of the firms investment funds.

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.

Rauners 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.

The campaign said the donations included $1 million to the Red Cross last November for relief efforts following a tornado that struck the central Illinois community of Washington. The towns Republican mayor has endorsed Democrat Quinn, citing the states disaster response.

Rauner also reported paying $1,848 in self-employment taxes, akin to Social Security and Medicare taxes.The campaign said Diana Rauner took no salary as the president of the Ounce of Prevention Fund, a nonprofit that advocates for early childhood education programs.

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Rauner made $60.1 million last year, tax returns show

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