Governor Rauner Made How Much Money Last Year?
Illinois Governor Bruce Rauner released his (and wife Diana's) state and federal income tax returns, along with the tax returns for the Rauner Family Foundation on Friday, and guess what? All those rumors about Rauner being a wealthy guy? It looks like they're true.
We hear about the big paydays and paychecks that movies stars and superstar athletes have grown accustomed to, but I've gotta tell you, for a guy who doesn't have much of a fastball, who can't throw deep into double coverage, and who probably can't hit the game winning three-point jumper from beyond the stripe, Bruce Rauner has done pretty okay for himself.
Tax returns released by Gov. Bruce Rauner Friday show he and his wife Diana had $188.2 million in state taxable income for 2015, up 224 percent from the previous year when the couple declared an income of $58 million. The Rauner family paid $6.9 million in state taxes and $43.3 million in federal taxes for a total effective tax rate of more than 26 percent. Additionally, returns released for the Rauner Family Foundation show more than $11.6 million in charitable contributions were made last year. Rauner, who amassed his wealth as a venture capitalist and private equity investor, released the state and federal tax returns following a general election in which he spent more than $30 million of his own money on statewide and legislative races.
You read that right. $188.2 million. Income up 224% from the previous year. Think he uses Turbo Tax?
Here's Kevin Hoffman's breakdown of the numbers:
Income on Federal Return: $188.2 million
Adjusted Gross Income on Federal Return: $187.6 million
Taxable Income on Federal Return: $176.7 million
Federal Income Taxes Paid: $43.3 million
Federal Effective Tax Rate on Taxable Income: 24.5%
Federal Effective Tax Rate on Adjusted Gross Income: 23.1%
Illinois Taxable Income on State Return: $188.2 million
Illinois Income Taxes Paid: $6.9 million
I was kind of curious to see what that kind of money looks like in cash. I couldn't find $188.2 million in cash to show you, but I did find $207 million:
I don't know for sure, but I get the feeling that if I had an income of nearly $200 million, the last thing I would want to do is spend my days trading body blows with Michael Madigan. But, that's me.