“IRS data show” venture capitalist Bruce Rauner (R) “to be one of the 11,000 richest tax filers in the nation, but most of the millions he made in recent years was taxed at 15 percent “” less than half the top federal rate for the wealthy. “¦One reason behind that sharp discount is that Rauner took advantage of a strategy that yielded big tax savings on his share of investment fees paid to his private equity firm, GTCR. That strategy is allowed under tax rules but has come under IRS scrutiny.”
The news comes “against the backdrop of a broad national argument over the meaning of an ever-widening gap between incomes of the wealthy that keep growing and those of the middle class that have been stagnant for years.” The campaign of Gov. Pat Quinn (D) has been quick to criticize Rauner as out of touch with middle-class families. (Chicago Tribune)
TEACHERS FOR QUINN. “The Illinois Education Association, one of the state’s two major teacher’s unions,” which represents teachers outside Chicago, voted Wednesday “to endorse” Quinn for reelection.
“Union support for Quinn had been somewhat in question, given his signature on a bill making sweeping changes in pensions for public workers, including teachers. The IEA, along with the Illinois Federation of Teachers, is part of a coalition that unsuccessfully fought the law in the legislature and is challenging its constitutionality in court.” (Chicago Tribune)