Lottery winners, child-care programs and many others may not be getting millions of dollars owed to them from Illinois, but the IRS is.
Governor Bruce Rauner released his 2014 federal and state 1040’s, reflecting income and tax rates, while detailing the Rauner family’s charitable and community giving last year.
Last year, the Rauners paid more than $18 million in federal and state taxes on income of $58.3 million for a total effective tax rate on income of more than 31%. Their federal effective tax rate on income exceeded 26%. Rauner — whose net worth is believed to be at or near $1 billion as the former chairman of a Chicago private equity firm — paid an effective income tax rate of 26.1 percent in 2014, according to the statement.
In addition, the Rauners and their family foundation made charitable contributions totaling more than $3.3 million.
Rauner 2014 Tax Summary:
Income on Federal Return: $58.3 million
Adjusted Gross Income on Federal Return: $57.5 million
Federal Income Taxes Paid: $15.2 million
Federal Effective Tax Rate on Income: 26.1%
Federal Effective Tax Rate on Adjusted Gross Income: 26.4%
Illinois Net Income on State Return: $58.7 million
Illinois Income Taxes Paid: $2.8 million