Two Democratic legislators on Thursday called on Republican candidate for governor, Bruce Rauner, to release his full tax returns and raised questions about tax loopholes the multi-millionaire used in the past when paying taxes.
State Rep. Barbara Flynn Currie, D-Chicago, and state Sen. Mike Hastings, D-Matteson, held a news conference on Thursday calling on Rauner to release his 2013 income taxes.
“Even Mitt Romney when he ran for president opened his tax records,” Currie said. “We know what Pat Quinn pays. We see all of his schedules…so I’m calling upon Bruce Rauner to make available to us what kinds of programs are making it possible for him to duck out on taxes that people in his bracket ought to be paying.”
Rauner’s campaign dismissed the event as a “political stunt” and has said that the Winnetka venture capitalist filed for an extension. On Thursday, the campaign couldn’t offer up a date on when Rauner’s taxes are expected to be filed and publicly released.
Currie and Hastings called for Rauner to release full schedules of his 2010 to 2012 tax returns.
Rauner had provided an accounting of his 2012 returns, which indicated he made $53 million that year but Currie and Hastings said the detailing should go further.
“This is nothing but a political stunt,” said Mike Schrimpf, a Rauner spokesperson. “Bruce has paid every penny of tax he owed, he has already voluntarily released far more tax information than he’s required to, and he’s disclosed every business interest he has in Illinois.”
Schrimpf added that Rauner and his wife have made charitable contributions: ”Bruce and Diana are strong supporters of the community giving more than $13 million over the last three years to charitable organizations, both personally and through their family foundation, which they established in order to give back and help others.”
In 2010, Rauner’s net income was $27.1 million, 2011 – $28.1 million, 2012 – $53.4 million, according to his own returns.
Tax forms have indicated Rauner paid $10.1 million in federal taxes in 2012, which is a rate of 19 percent, below what many middle-class families pay. The news conference came a day after the Tribune reported that Rauner had taken advantage of controversial tax loopholes not available to more affluent taxpayers.
“As a legislator we’re trying to end that so everyone pays their fair share…these taxes go to things like the VA (Veterans Affairs),” Hastings said. “They go to things like Medicaid, people who don’t have a half billion dollars in their bank account.”