Emanuel Tax Returns Show Earnings of $400K

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Mayor Rahm Emanuel released his tax returns for the first time as mayor Tuesday and reported earning more than $409,000 in 2012 from his city salary and income from investments. Emanuel reported earning $204,726 for his salary as mayor and another $158,823 in dividend income from investments with JP Morgan Chase Bank and Golub Capital Partners VII LP, along with $9,519 from his partnership in the Golub investment fund, the Chicago Tribune reported.
 
Some of the mayor’s investment income came from Golub entities with addresses in the Cayman Islands, but spokeswoman Sarah Hamilton told the Chicago Tribune Emanuel sought federal taxx credits for the foreign taxes he paid on income tied in those investments and that he has no overseas accounts, the Tribunereported. The mayor reportedly paid more than $77,000 in federal  taxes. In 2011, Emanuel reported earning $216,210 a year. He also earned $18 million as an investment banker.
 
The mayor’s release Tuesday reportedly marked the first time he had disclosed tax records since his campaign for mayor. During his mayoral campaign, some questioned Emanuel’s earnings. This year, Emanuel’s income isn’t much different, aside from his wife, Amy Rule, reporting no salary income on the state and federal returns.
 
(Photo: NBC Chicago)

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