Rahm Emanuel, who released his tax returns for the first time as mayor Tuesday, reported earning more than $409,000 in 2012 from his city salary and income from investments.
Emanuel reported his $204,726 salary as mayor and another $158,823 in dividend income from investments with JPMorgan Chase Bank and Golub Capital Partners VII LP, as well as $9,519 from his partnership in the Golub investment fund.
The mayor reported paying $77,740 in federal taxes, or a rate of about 21 percent, on adjusted gross income of $373,478.
Some of Emanuel's investment income came from Golub entities with addresses in the Cayman Islands. Emanuel sought federal tax credits for the foreign taxes he paid on income tied to those investments, spokeswoman Sarah Hamilton said.
"The mayor does not have any accounts overseas," Hamilton said. "Some of the mutual funds that he owns hold securities issued by companies based in other countries which can trigger foreign tax obligations."
Lawrence Golub, CEO of Golub Capital, was among Emanuel's early supporters, contributing $50,000 to his campaign fund in 2010 and another $10,000 to the mayor's inaugural.
Emanuel also reported contributing $16,240 to charity, including more than $6,000 to a family charitable trust. The tax return also included $10,000 paid to household staff, which Hamilton said went to "a family friend who helps on an as-needed basis with things like redecorating, design,?landscaping."
Emanuel's wife, Amy Rule, reported no salary income on the state and federal returns.
The mayor's release Tuesday marked the first time he had disclosed tax records since his campaign for mayor. The Tribune requested those records May 2.
Just days before Christmas in 2010, Emanuel released five years worth of tax returns during his run for mayor. During that time, he and his wife reported receiving nearly $2 million in income and paying $300,000 in federal taxes.
The returns showed the Emanuel family's adjusted gross income was $402,393 in 2005, $547,323 in 2006 and $505,893 in 2007. In 2008 and 2009, the family's adjusted gross income was just more than $227,000 annually, a reflection of investment losses and reduced income tied to the slumping national economy at the time.
Emanuel made $16 million, primarily as an investment banker, during a three-year period before winning the state's 5th Congressional District seat in 2002. He made an additional $320,000 as director of mortgage giant Freddie Mac during a 14-month period.
bruthhart@tribune.com
Twitter @BillRuthhart
Source: http://www.chicagotribune.com/news/ct-met-emanuel-tax-return-20130605,0,1127967.story?track=rss
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