SUBSCRIBE to Capitol Fax      Advertise Here      Mobile Version     Exclusive Subscriber Content     Updated Posts    Contact
To subscribe to Capitol Fax, click here.
Brady actually has taxable income this time

Tuesday, Dec 17, 2013

* Perhaps the biggest story about Sen. Bill Brady releasing his 2012 tax returns yesterday was that he actually paid taxes.

You’ll recall that Brady only reluctantly released his returns in the 2010 campaign, and when he did we found out that he didn’t pay state or federal income taxes in 2008 and no federal income taxes in 2009, which was partly because his businesses were so hard hit by the recession. From a Pat Quinn 2010 TV ad

“We pay millionaire Bill Brady over $76,000 a year as a state senator. And he didn’t pay any federal income taxes?”

* This time around, Brady actually has taxable income to tell us about

Brady released his 2012 tax returns, showing he paid more than $37,000 in state and federal income tax on $200,529 in income that year. The joint returns with his wife, Nancy, showed $66,998 in wages and salary from his legislative pay and an additional $133,000 from other business and investment income. He did not provide schedules that would offer further details.

Brady paid $28,100 in federal income tax and $9,268 in state taxes, according to the documents. Part of Brady’s legislative salary is not taxable because he elects to place it in a deferred retirement account, his spokesman said.

If you’re keeping score, that’s a 14 percent federal tax rate. Bruce Rauner’s rate last year was 19 percent. Gov. Pat Quinn’s rate was just under 18 percent.

That’s somewhat important to note because of the uproar over presidential candidate Mitt Romney’s rate

The news is out that Mitt Romney paid a 14.1% effective tax rate on an income of over $13.7 million in 2011, a number that will strike many people as high but that is actually artificially inflated. He didn’t fully deduct all his charitable contributions in order to make sure his effective rate stayed above 13 percent.

* Back to Brady

“Like many, we are on a slow climb out of a deep hole, but we are not yet out of that hole,” Brady said in a prepared statement issued Monday. “We have worked through many challenges over the last six years. Like others, we have downsized, liquidated assets and retooled our strategies. These have been tough and sometimes painful decisions, but they were necessary.” […]

While Rauner said he would put his extensive business holdings in a blind trust, Brady on Monday said his businesses do not present any current or future conflict with the responsibilities of being governor.


- Posted by Rich Miller        

  1. - Siriusly - Tuesday, Dec 17, 13 @ 9:14 am:

    Rauner is laughing at Brady’s income “and he calls himself a businessman”

  2. - Oswego Willy - Tuesday, Dec 17, 13 @ 9:18 am:

    “Bill Brady made $200K the WHOLE year? I made that in ONE DAY last year, and every business day all of last year”, says Bruce Rauner in his Carhartt Coat and $18. watch on the way to one of his 9 hoouses …

    Here endeth the Lesson on Wealth.

  3. - CircularFiringSquad - Tuesday, Dec 17, 13 @ 9:20 am:

    Speaking of FarmerBrucey we wandered back through his tax returns while he was making little sense on Blagoof-AM this morning. Noticed his total farming “losses” over the 3 years was $853K. Wondering when some sharp newsie will probe on what FarmerBrucey could not grow. We are thinking this is a critical downstater question. How can someone run our state when he can’t grow crops during several very good years.
    Get out those notebooks.

  4. - wordslinger - Tuesday, Dec 17, 13 @ 9:22 am:

    –Brady released his 2012 tax returns, showing he paid more than $37,000 in state and federal income tax on $200,529 in income that year.–

    A little over $200K? That’s just another day at the office for Rauner. Literally.

    Brady’s business experience is certainly more relatable to Illinois business owners than Rauner’s.

    He got whacked hard by the recession engineered by Rauner’s bankster friends and is getting up slowly. Lot of that going around.

  5. - anon - Tuesday, Dec 17, 13 @ 9:37 am:

    With this group of republicans running for governor, how does Rauner lose the primary? Dillard is a bad candidate with no money, only debt. Brady has name ID from 2010, but no dough. Rutherford has dough, and name ID. He is probably the best positioned for a run at the primary. If these guys continue to allow Rauner to run unanswered TV ads, this thing will be over before it really started.

  6. - redleg - Tuesday, Dec 17, 13 @ 9:42 am:

    Didn’t Brady along with some of his family file bankruptcy several years ago? An article about it appeared on the online Bloomington Pantagraph around that time and it stayed up for all of an hour before it was removed.

  7. - Small Town Liberal - Tuesday, Dec 17, 13 @ 9:43 am:

    - That’s just another day at the office for Rauner. -

    Or out of the office, apparently.

  8. - wordslinger - Tuesday, Dec 17, 13 @ 9:45 am:

    –Speaking of FarmerBrucey we wandered back through his tax returns while he was making little sense on Blagoof-AM this morning. Noticed his total farming “losses” over the 3 years was $853K.–

    That’s a pretty neat trick in the era of crop insurance and farm subsidies.

    Why would a “businessman” keep taking a loss like that, year after year? He’s not going to run the state like his farm business, is he?

  9. - OneMan - Tuesday, Dec 17, 13 @ 9:51 am:

    Well besides I am now just amazed at this point on how any GOP gov threat becomes dominated by Raunner comments…

    Lots of ways you can lose money in a good year doing anything, deprecation comes to mind but if you want to take a look at schedule F on how the IRS calculates it…

  10. - Nearly Normal - Tuesday, Dec 17, 13 @ 9:57 am:

    Don’t recall any news item about Brady filing for bankruptcy. He and his brothers were behind on making payments for loans to banks in the area. That did make the papers. They restructured their loans and made payments as the economy and the housing market improved.

    They have sold off some of their other businesses. Whitaker’s furniture in Hudson was bought back by the Whitaker family in the past year for one.

    Bill’s brothers can run the realty office and the building company.

    This family has hit hard times before. In the 1980s their dad had to close a lumber business and the family moved to their rural home where they had some acres of Christmas trees which they sold to make ends meet. When the housing business started up again they were making money again.

  11. - Anon - Tuesday, Dec 17, 13 @ 10:07 am:

    Is super financial success, in and of itself, a disqualification to be governor? Or at least to get your vote? Honestly curious.

  12. - wordslinger - Tuesday, Dec 17, 13 @ 10:10 am:

    –Is super financial success, in and of itself, a disqualification to be governor? Or at least to get your vote?–

    No. But raging hypocrisy and phoniness is.

  13. - Demoralized - Tuesday, Dec 17, 13 @ 10:11 am:

    ==Is super financial success, in and of itself, a disqualification to be governor? Or at least to get your vote? Honestly curious.==

    No, not in and of itself. The problem I have with Rauner is that he is a kazillionaire who constantly attacks state employee pensions, which are paltry compared to his wealth. It’s a turn off with those that have want to take away from those that do not have.

  14. - Carl Nyberg - Tuesday, Dec 17, 13 @ 10:12 am:

    Is being a criminal disqualifying for elected office?

    What goods and services has Rauner produced that has improved the lives of regular people?

    Has he created some great invention I should know about? Does he create the most efficient factories?

    Rauner makes money manipulating money.

    Rich people have lobbied to create a system where rich people get lots of money for moving money around.

    But what’s the connection to actually producing goods and services? Other than the service of consolidating money for rich people and punishing people who don’t play by the rules preferred by rich people.

    What has Rauner produced?

  15. - DuPage - Tuesday, Dec 17, 13 @ 10:27 am:

    @Carl Nyberg=what has Rauner produced?=
    He has produced controversy, political turmoil,
    and some political TV commercials.

  16. - Samurai - Tuesday, Dec 17, 13 @ 10:29 am:

    @ anon=== Dillard is a bad candidate with no money===
    And Dillard is a bad candidate in your opinion exactly why? Because he served under two of the most respected Governors? Was a Judge on the Court of Claims? Has been a State Senator?
    @redleg==Didn’t Brady along with some of his family file bankruptcy several years ago?==
    And what is your point? Last I knew Brady was in the home building business, unless you have lived in a cave the last 5 years, it should come as no surprise that the construction industry was wiped out in the 2008 depression—thanks in part to Rauner’s Wall Street banker pals. If Brady and/or family did file BK, it’s not an exclusive club.
    With this type of mentality, I can only imagine what it would be like to live in Illinois under the feudalistic system of Lord Carthart and his banker pals. To the few goes much, and to the peasants goes little. Now teach our children well, peasants.

  17. - Rich Miller - Tuesday, Dec 17, 13 @ 10:30 am:

    ===And Dillard is a bad candidate in your opinion exactly why? Because he served under two of the most respected Governors? Was a Judge on the Court of Claims? Has been a State Senator?===

    What a bizarre response, and so D-Lardy lookback.

    No, he’s a bad candidate because of what he’s been doing in his current campaign.

  18. - Chiburbs - Tuesday, Dec 17, 13 @ 10:35 am:

    Although I am not a Brady supporter you have to give him credit for coming back from the recession while running for office.

    Agree with WORDSLINGER: Brady’s business experience and coming back from the recession is much more relatable to voters than Rauner’s 40 million dollar penthouse.

  19. - anon - Tuesday, Dec 17, 13 @ 10:48 am:

    He’s a bad candidate because he’s acting like his narrow loss in 2010 entitles him to be the nominee in 2014. He ran a good campaign then and lost. Now he is tacking right, and his character and positions on issues are in question. He isn’t raising money, lost the support of major donors (to whom he owes big money), and he lacks the fire in the belly needed to win a primary. I can’t tell you how many times I’ve seen him in public when he didn’t go out of his way to say hello to people or shake any hands. These are not the ingredients to a successful campaign. He’s slowly drifting into oblivion.

  20. - Arthur Andersen - Tuesday, Dec 17, 13 @ 10:59 am:

    Buying a lot of barn coats can throw the family farm into the red in no time.

  21. - Samurai - Tuesday, Dec 17, 13 @ 11:16 am:

    @Rich and anon===response appreciated.

  22. - Loop Lady - Tuesday, Dec 17, 13 @ 11:19 am:

    anon 10:48: Dillard did not run a good campaign last time, and this time he is IMO trading his beliefs for tea party leaning GOP votes, which is smarmy and defenseless…backpedaling is never viewed as a show of character for me…

  23. - A guy... - Tuesday, Dec 17, 13 @ 12:25 pm:

    At the end of this campaign, win or lose, you’re left with what you truly believe. If you’re confused then, chances are you’ve never been clear on your beliefs. Not ever.

  24. - A guy... - Tuesday, Dec 17, 13 @ 4:49 pm:

    Hmm. Last time he raised enough campaign money to compete, but didn’t make enough personal income to pay income tax.
    This time he’s made enough personal money to pay income tax, but not enough campaign money to keep a treasurer busy for half an hour.
    Brady in 2018!

Sorry, comments for this post are now closed.

* Rauner wouldn't move police and fire to 401(k)
* Question of the Day
* Keep calm, and Scribble on
* Quinn raises what Rauner contributes
* Assume everyone is wearing a wire, and stick with your friends
* Morning Shorts
* Yesterday's blog posts

Visit our advertisers...







Search This Blog...

Search the 98th General Assembly By Bill Number
(example: HB0001)

Search the 98th General Assembly By Keyword

        * Hands-on: Eyefi Cloud offers unlimited photo storage through a Wi-Fi SD card
        * Samsung And Amazon Team Up For Custom Galaxy Kindle E-Book App
        * A date with the Windows Phone 8.1 calendar for Lumia
        * Line Starts Letting Users Make And Sell Their Own Stickers On Its Messaging Platform
        * ASUS ZenFone series debuts in Southeast Asia
        * Sony Xperia Z, ZL, ZR, Tablet Z to get Android 4.4 next month
        * Toshiba microSD card boasts world’s faster read/write speeds

        * Power Cord Winder
        * 4 Ways to Maximize Your Network With Social Media
        * HTC Rumored To Sell 3-5 Million HTC One Units
        * AT&T LG G Flex To Get Android 4.4 KitKat Starting Today
        * 5 Incredible Cases for the Galaxy S5
        * Lenovo Rolls Out 6 New PCs, Including Svelte A540 All-in-one
        * House of Cards Season 2 Lands On Blu-ray June 19th

        * Despite taking loss, Garcia savors pitching experience
        * Sale, Lester set for marquee matchup in finale
        * Bullpen springs late leak in White Sox loss
        * Alexei homers to push hitting streak to 15 games
        * Red Sox 6, White Sox 4 (14 innings): Leury Garcia pitched
        * Bullpen springs late leak in White Sox loss
        * Sale, Lester set for marquee matchup in finale

        Main Menu
        Pundit rankings
        Subscriber Content
        Blagojevich Trial
        Updated Posts

        April 2014
        March 2014
        February 2014
        January 2014
        December 2013
        November 2013
        October 2013
        September 2013
        August 2013
        July 2013
        June 2013
        May 2013
        April 2013
        March 2013
        February 2013
        January 2013
        December 2012
        November 2012
        October 2012
        September 2012
        August 2012
        July 2012
        June 2012
        May 2012
        April 2012
        March 2012
        February 2012
        January 2012
        December 2011
        November 2011
        October 2011
        September 2011
        August 2011
        July 2011
        June 2011
        May 2011
        April 2011
        March 2011
        February 2011
        January 2011
        December 2010
        November 2010
        October 2010
        September 2010
        August 2010
        July 2010
        June 2010
        May 2010
        April 2010
        March 2010
        February 2010
        January 2010
        December 2009
        November 2009
        October 2009
        September 2009
        August 2009
        July 2009
        June 2009
        May 2009
        April 2009
        March 2009
        February 2009
        January 2009
        December 2008
        November 2008
        October 2008
        September 2008
        August 2008
        July 2008
        June 2008
        May 2008
        April 2008
        March 2008
        February 2008
        January 2008
        December 2007
        November 2007
        October 2007
        September 2007
        August 2007
        July 2007
        June 2007
        May 2007
        April 2007
        March 2007
        February 2007
        January 2007
        December 2006
        November 2006
        October 2006
        September 2006
        August 2006
        July 2006
        June 2006
        May 2006
        April 2006
        March 2006
        February 2006
        January 2006
        December 2005
        April 2005
        March 2005
        February 2005
        January 2005
        December 2004
        November 2004
        October 2004

        Blog*Spot Archives
        November 2005
        October 2005
        September 2005
        August 2005
        July 2005
        June 2005
        May 2005


        RSS Feed 2.0
        Comments RSS 2.0


        * Big fundraising gaps tallied in statewide offic.....
        * Del Mar easily retains Cook GOP chairmanship..
        * Kirk will campaign for Oberweis in Senate race..
        * Durbin banks more than $6M for 2014 Senate bid..
        * Another pol’s spouse got money from Quinn’s ant.....
        * Harrison is new Champaign County GOP chairman..
        * Sneed: N’DIGO mag chief backing Rauner says, ‘I.....

        * Robber who was homesick for prison to be sentenced
        * Kirk promotes stroke research funding, treatments
        * Chicago casino plan draws more support at hearing
        * New warden named for Menard prison
        * Illinois-Chicago, faculty union reach agreement
        * ComEd seeks rate hike to help pay for Smart Grid
        * Durbin banks more than $6M for 2014 Senate bid
        * Lake Shore Drive reopened after suspicious package
        * Addiction experts: Cuts could hurt drug treatment
        * Topinka reports $125,000 in Illinois income

        * Bernard Schoenburg: Battle on for GOP state party post
        * Bernard Schoenburg: Scherer got more than $90,000 from Madigan in primary
        * Report: Big cuts to state aid for schools if tax expires
        * Report: Big cuts to state aid for schools if income tax increase expires
        * Simon: Illinois farmers markets should accept LINK
        * Strip club tax brings in much less than expected
        * Lt. Gov. Simon to raise sex assault awareness
        * Legislative hearing on Chicago casino begins
        * Chicago casino plan draws more support at legislative hearing
        * Quinn promotes autism awareness at Brookfield Zoo

        * Recharge your iPhone without batteries or a power cord
        * Northwestern's finances improve on addition of faculty docs
        * 'Business model' Linal Harris: Trendy, conservative and sophisticated
        * No need for psych beds at Holy Cross Hospital: state report
        * 10 Things to do this weekend

        * 500-plus drivers sign up for pay-by-phone parking option in West Loop
        * Palos Heights man shot, casino winnings stolen in home invasion
        * Gunfire location sensor data show residents fail to call 911
        * Judge Harris spends $1M for appeals court bid — 5 times the salary
        * Convicted ex-cop Mandell to judge: I ‘never ever bothered anyone’
        * Man who molested, photographed 11 kids gets 50 years in prison
        * Metra clout cards include who’s who of pols as job references
        * Feds: Rep. Derrick Smith admits to FBI he screwed up over bribe
        * Man held without bail for alleged sexual assault in Boystown
        * Officials nix proposed rule barring medical pot users from getting gun ID cards

        * Northwest Indiana mayor, family members indicted
        * Hawks fans gobbling up tickets for St. Louis game
        * Attempted kidnapping reported in North Mayfair neighborhood
        * Medical marijuana entrepreneurs decry fees
        * 14-year-old shot on Far South Side
        * Union: Northwestern's position in student labor case 'castle built on sand'
        * Clout worked for some job-seekers, not all at Metra
        * Truck driver questioned in fatal Whiting hit-and-run
        * Naperville trucking company wins ruling to return to road
        * State bill would limit suspensions, end fines for students

        * Illinois Senate Joins Push For U.S. Constitutional Convention
        * Study: Pre-K Education Provides For Economic Growth
        * The Vanishing Millionaire Tax
        * City Approves More Video Gaming Despite Upcoming Ordinance
        * Rutherford: Dismiss Sexual Harassment Lawsuit
        * Durbin Calls For A Return of 'Earmarks'
        * Quinn, Rauner At IEA Conference - Full Audio
        * FBI agents say indicted state rep took them to get bribe cash
        * McCarthy dismissive of crime research
        * Gas Station Owners Warn Against Fuel Tax Increase

        * Bernard Schoenburg: Scherer got more than $90,000 from Madigan in primary
        * Bernard Schoenburg: Scherer got more than $90,000 from Madigan in primary
        * Tom Bertrand: Poverty grants contribute to inequality among Illinois schools
        * Report: Big cuts to state aid for schools if income tax increase expires
        * Comptroller Topinka reports $125K in income
        * Addiction experts: Illinois budget cuts could hurt drug treatment
        * Legislative hearing on Chicago casino begins
        * Strip club tax brings in much less than expected
        * Their view: Remembrance in the cruelest month
        * 2015 tax rates still far from settled

        * ICE arrests 24 in Missouri, Illinois
        * Durbin banks more than $6M for 2014 Senate bid
        * Harry Foster
        * Julee Illner
        * Hal McCroy Jr.
        * Emil Onderdonk
        * Rita Bruce
        * Lawanda Lenzini
        * Michael Stafko
        * Virginia Cravens

        * The 10th District money race
        * Aurora Democrat calls out IHSA
        * Lawyers: Ill. hazing law vague, unconstitutional
        * Ill. House OKs lower-cost hunting bill for seniors
        * Quinn’s running mate takes new consulting job

        * School board elections on April 23 Nine ca...
        * Last call for Obama on immigration reform:...
        * Gutierrez: If no immigration reform passes...
        * Gutierrez Warns GOP Obama Will Take Action...
        * Why You Should Care About Immigration - Ne...
        * Xavier Becerra And Luis Gutierrez On Depor...
        * Luis Gutierrez Faces House Ethics Committe...
        * Lipinski seeks artistic submissions - The ...
        * House Ethics Committee reviewing conduct o...
        * Democratic Congressman Faces Possible Ethi...

        * Loading Koch Industries Website Too Many T......
        * Maryland and DC among worst for food aller......
        * Cleveland State University to reestablish ......
        * Convicted political boss Al Sanchez runnin......
        * Candidates make last filings for local, st......

        * Illinois Lt. Gov. Simon opposes pension le......
        * Dillard Odd Man Out on Pension Deal Reaction...
        * Sen. Mark Kirk sides with Rauner on pensio......
        * Governor's race infighting threatens pensi......
        * SCHOONERS - Home of Everyone's Favorite Be......

        * The Weekend Desk Report
        * Who Is The Best Tree Climber In Illinois?
        * Jon Stewart vs. The NCAA
        * Local TV Notes: Sharks, Anchors & Mind Games
        * What do REALTORS® need to know about hydraulic fracturing?
        * Aurora REALTORS® host weekend Homeownership Expo
        * Get Involved! Serve on the IAR Board of Directors
        * Morning Minute: Illinois REALTORS® make progress on Murphysboro Habitat build
        * REALTORS® join Quinn in promoting Welcome Home Illinois
        * Countdown to Broker Renewal Deadline: Last Chance for Broker Post License!

        * Governor Quinn Releases First-Ever Illinois Bike Transportation Plan - Plan Formally Makes Bicycles Part of Illinois’ Long-Range Transportation Vision
        * IEMA, American Lung Association Announce Winners in Student Video, Poster Contests - Winning entries unveiled during IEMA’s 11th Annual Radon Networking Day
        * Governor Quinn to Address Small Business Advocacy Council Annual Meeting - Will Discuss His Proposals to Drive Small Business Development and Expansion
        * Governor Quinn Honors Jackie Robinson - Barrier-Breaking Baseball Player Was American Icon
        * Governor Quinn Urges Homebuyers to Act Fast and Take Advantage of Welcome Home Illinois Program - Program Offers First-Time Homebuyers Down-Payment Assistance and a 3.75 Percent Interest Rate on a 30-Year Fixed Mortgage

            Hosted by MCS SUBSCRIBE to Capitol Fax Advertise Here Mobile Version Contact Rich Miller