ILLINOIS

IRS Data Show Rauner Used Tax Strategy Now Under Scrutiny

Illinois Education Association endorsed Governor Pat Quinn.

Karyn Bruggeman
July 3, 2014, 7:05 a.m.

“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)

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