Illinois voters are getting a glimpse into the wallet of one of the state's wealthiest businessmen. Republican candidate for governor Bruce Rauner released three years' worth of tax returns yesterday. IPR's Brian Mackey has more:
Bruce Rauner and his wife reported earning more than $53 million on their federal tax returns for last year. Almost all of that came from interest and capital gains on investments. It's a far cry from the common man image Rauner has tried to project in his campaign, wearing a barn coat and talking up his inexpensive wristwatch:
"This old watch cost me 18 bucks. Pretty cheap, but it gets the job done."
After months of holding back, Rauner has begun spending more of that wealth on his own campaign, chipping in more than $1 million so far. It's been enough to trigger a provision in state law that lets other candidates collect unlimited contributions. Rauner, a private equity investor, says he's worked hard for his wealth and feels "blessed." He reports paying an effective federal tax rate of about 19 percent, pretty typical for a member of America's wealthiest point-1 percent.
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