Thursday, June 6, 2013

Mayor of Rahmaland Reports Investment Income Far From Rahmaland (Cayman Islands)

The Chicago Tribune reports:
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.[...]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 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.

(ht  Markie Oles)

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