Oberweis releases taxes; Made $1 million in 2013

Republican U.S. Senate contender and dairy magnate Jim Oberweis made more than $1 million in 2013 and $1.3 million the previous year, his campaign disclosed today.

Oberweis, a state Senator from Sugar Grove, is trying to unseat U.S. Sen. Dick Durbin, D-Ill. in the November election.

Oberweis’ disclosure prompted Durbin’s camp to needle Oberweis over a minimum wage proposal he made in Springfield, which would extend an increase to the minimum wage but only to adults working low-wage jobs.

“It’s hard to fathom why a guy who made so much money would advocate for hard-working students, veterans and single moms to continue living in poverty, despite working full-time,” Durbin campaign spokesman Ron Holmes said.

Durbin has cast himself as a “mere mortal” when compared to Oberweis. On Tuesday, Oberweis’ campaign released federal taxes from 2012 and 2013, which showed $1,053,490 in adjusted gross income in 2012 and $1,371,671 in 2013. Durbin’s camp urged Oberweis to go further and disclose holdings of stocks, bonds, savings and full tax returns. Durbin has made those disclosures each year. Durbin has not yet released tax information for 2013 but said it would do so soon.

According to Oberweis’ campaign: In 2012 Oberweis paid $299,785 in taxes for an effective federal tax rate of 28.3 percent. In 2013, he paid $439,300 in taxes for an effective federal tax rate of 32 percent. Obama paid a 20.4 percent effective tax rate in 2013 and Durbin paid an effective tax rate of 20.9 percent, according to his 2012 return. (Read: Obamas file tax returns)