Rahm’s returns: Family income $374,000 last year — no overseas accounts, aide says
BY FRAN SPIELMAN AND CHRIS FUSCO Staff Reporters August 16, 2014 12:29AM
Updated: September 17, 2014 6:12AM
Household income for Mayor Rahm Emanuel held steady at just over $374,000 in 2013, with his family’s investments providing a six-figure boost to the mayor’s $204,634 City Hall salary, according to the most recent tax returns.
Overall, Chicago’s first family reported adjusted gross income of $374,054 in 2013, according to the returns, which Emanuel provided in response to a request from the Chicago Sun-Times. After deductions including mortgage interest, property-tax payments on two homes and gifts to charity, the Emanuels paid $74,252 in federal income taxes. The family’s state tax bill was $17,548
In 2012, the family’s income was $373,478, with the Emanuels paying $77,740 in federal taxes and $17,583 in state taxes.
Emanuel’s income as mayor pales in comparison to the numbers he pulled in when he worked as an investment banker between the time he left President Bill Clinton’s administration in late 1998 and was sworn in as a congressman in January 2003. During that time, he reportedly made more than $18 million.
Last year, Emanuel and wife Amy Rule — who have three children — reported nearly $160,000 in investment income from JPMorgan Chase and Golub Capital Partners, including about $22,000 from foreign investments.
However, “the mayor does not have any accounts overseas,” spokeswoman Kelley Quinn said. “Some of the mutual funds that he owns hold securities issued by companies domiciled in other countries which can trigger foreign tax obligations.”
The Emanuels paid $16,540 in property taxes on their house in Ravenswood, and another $8,891 on a second home in Union Pier, Mich., the returns show. They also reported making more than $33,000 in charitable contributions.
Politicians such as Emanuel are not required to release their tax returns but typically do so to attempt to win credibility with voters. Emanuel is up for re-election in 2015.
Democrats are making a major campaign issue out of the release of Republican gubernatorial nominee Bruce Rauner’s tax returns and investments he has domiciled in the Cayman Islands. The multimillionaire has said he would release his returns Oct. 15, but he has not committed to making the accompanying schedules public.