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September 1, 2014, 11:17 pm
970 WMAY News

Rauner Uses Accounting Strategies to Reduce Tax Rate


Despite an income of more than $53 million in 2012, Republican Bruce Rauner was able to dramatically reduce his effective tax rate through a variety of accounting strategies… according to an analysis by the Chicago Tribune.

 

The Tribune analysis says that Rauner was able to classify a substantial amount of income as capital gains… which is taxed at less than half the rate of standard income at that level.

 

He also claimed millions in losses in the regular business income category, allowing him to pay no Social Security or Medicare taxes in 2011 and 2012.

 

The Tribune analysis notes that the tactics are all permitted under the current tax code.

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