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.

* Afternoon updates
* Question of the Day
* #AOLhacked
* GOP Leaders are "Nay" to Obama library
* Reilly talks up TIF changes over prop tax
* 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

        * 10 best Windows Phone apps for smarter working on the go
        * New Renders Show Off 'iPhone 6s' and 'iPhone 6c' Concepts
        * Seven-inch Samsung phone looks like tablet, while being a phone at the same time
        * iPhone 6 phablet delay, WP8.1 preview adoption, Amazon phone tilting & more – Pocketnow Daily
        * Google Play Stores holds Spring Premium Game Sale
        * Sense 6.0 update status for HTC One (M7) posted online
        * T-Mobile bribes BlackBerry users to switch to a Samsung Galaxy S5

        * OnePlus One Launched
        * Dragon Age Inquisition Release Date And New Trailer Unveiled (video)
        * COSMOS: A Spacetime Odyssey hits Blu-ray on June 10
        * Shelly Palmer Radio Report – April 23, 2014
        * Add ultracapacitors to the list of devices that could benefit from graphene
        * Microsoft Hotline Helps Entrepreneurs in India Build Tech Startups
        * NYPD Twitter Effort Ends Up As A Disaster

        * Rienzo tasked with slowing Detroit's powerful lineup
        * Leesman endures short outing in first start
        * Tigers 8, White Sox 6: Turning a mismatch into a game
        * Leesman endures short outing in first start
        * Ventura not basing decisions solely on pitch count
        * Gillaspie sits out with sore left hand
        * Relief corps showing signs of working into shape

        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


        * Rauner draws City Hall rebuke over robocalls ti.....
        * Jim Oberweis nixes the bipartisan immigration r.....
        * Internal Memo Says Illinois Medicaid Paid $12 M.....
        * Lawsuit seeks investigation of hiring under Quinn..
        * Hastert among GOP supporters of immigration reform..
        * Correction: Illinois Medicaid-Overpayments story..
        * Emanuel rips Rauner over pension stance..
        * Illinois GOP congressmen warm to immigration re.....

        * Lawsuit seeks investigation of hiring under Quinn
        * Lawsuit against Mississippi gun dealer settled
        * Hastert among GOP supporters of immigration reform
        * Ex-radical group member says university ending job
        * Spring corn planting still sputters in key states
        * Death penalty case shifts focus to slain Ill. kids
        * Illinois audit: Police training money misspent
        * Man convicted in 1957 Illinois death appeals
        * Acco to add 162-job call center in Booneville
        * Bruce Rauner details some views on immigration

        * Clock ticking for states to adopt health exchanges
        * Madigan re-elected to lead state Democratic party
        * Hastert, other state Republicans supporting immigration reform
        * Lawsuit seeks investigation of hiring under Quinn
        * GOP lawmaker objects to 9-0 vote for Obama library
        * DNR mining-oversight official fired
        * Democrats: Illinois schools could face major cuts
        * State prisons to use costly drug for hepatitis C
        * Illinois Medicaid paying for dead clients
        * Quinn grants 43 clemency requests

        * Emanuel rips Rauner over pension stance
        * Madigan re-elected to lead Illinois Democratic party
        * Ebony editor-in-chief steps down
        * Ebony magazine puts Jet editor in charge
        * Ebony taps Jet editor to take top slot

        * No public money for Obama library
        * Ex-head of suburban religious organization denies sex harassment
        * FBI informant on tape hugging man before shooting him: prosecutors
        * Make graffiti taggers pay for vandalizing CTA buses, trains
        * CPS puts $100 million price tag on mayor's A/C-in-schools edict
        * Robo-calls raise Rauner-Rahm rift
        * Republican leaders say state can’t afford $100 million for Obama library
        * Oberweis apologizes as GOP leaders urge action on immigration
        * Cops: Man kills wife outside NW Indiana school, then takes own life
        * Two teens shot in South Shore neighborhood

        * 1 dead, 3 injured after CTA bus, van collide in South Chicago
        * Pawnshop that sold gun used to kill cop agrees to report more on sales
        * CPS mulls privatizing 3 more schools
        * Maywood man charged in weekend hit-and-run death
        * 8 wounded in separate city-wide shootings
        * 6 injured when South Side police chase ends in crash
        * CTA's new weapon in graffiti battle: suits against vandals, parents
        * Man accused of assaulting woman at Woodstock motel
        * FBI informant on parole denied bail in fatal shooting caught on video surveillance
        * Firefighters rescue man from burning building in Roseland

        * Initial Obama Library Vote A "Misunderstanding"
        * The Vanishing Millionaire Tax
        * Legislator Protests Madigan As Party Chair, Won't Say Why
        * Tax Returns Revealing ... But Not Revealing Enough
        * Quinn Releases Tax Returns; Rauner's Waiting
        * Illinois Senate Joins Push For U.S. Constitutional Convention
        * Quinn Signs Law Intended To Lower Cost Of Auto Leasing
        * Mayors' group pushes for Illinois pension reform
        * Two don't-miss events this Wednesday
        * Illinois Medicaid Paying For The Dead

        * Our Opinion: Top Teen making Springfield a better place
        * Our Opinion: Computer lab a boost for the homeless
        * Lawsuit seeks investigation of hiring under Quinn
        * Madigan re-elected to lead state Democratic party
        * Madigan: 'Misunderstanding' on Obama library vote
        * Hastert, other state Republicans supporting immigration reform
        * Audit: Treasurer's office has 30 guns not given to police
        * State audit: Police training money misspent
        * Amazon takes hit in states with online tax, study says
        * Bankruptcy court trial sought over $3.8 million paid to Parsons

        * IDNR wrapping up controlled burns across state
        * Decorative bags for Earth Day greet Decatur Kroger shoppers
        * Jackson County hosts asparagus workshop
        * Williamson County Child Advocacy Center gets re-accreditation
        * John Adams Jr.
        * Anne Otey
        * John Oakley
        * Gipsey Hicks
        * Lavell 'LD' Starrick
        * Charles 'Blue' Perschbacher

        * 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

        * Nuke advocate attacks Obama - Reno News & ...
        * Grant puts AEDs in Clark County - Paris Be...
        * Congressman's staff in Neoga today - Journ...
        * Congressman to visit Renewable Energy Cent...
        * Shimkus Honors 100th Anniversary of Heath ...
        * Congressman to visit with constituents in ...
        * IRS Tax Breaks Available for Disaster Vict...
        * Shimkus accepting Congressinal Art entries...
        * Congressman to host art show at Tarble - D...
        * Shimkus tours EIU Renewable Energy Center ...

        * 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......

        * Obama Administration Tightens Grip On Intelligence
        * Catching gangbangers on bikes?
        * You’d think it was still 20th Century by composition of immigration forum
        * CPS: Emanuel's Air Conditioning Mandate To Cost $100 Million
        * 6th Ward Alderman on CAN-TV's Political Forum
        * Reading the Tea Party Leaves
        * The Brick Stackers
        * Recipe for success
        * Court Critical Of Ohio Law Punishing Campaign Lies
        * Michigan Affirmative Ban Is OK, Supreme Court Says

        * Governor Quinn Promotes Welcome Home Illinois Program at Annual Affordable Housing Conference - Addresses Industry Leaders on State’s Improving Housing Market and New Program for First-Time Homebuyers
        * IEMA Encourages Participation in ‘America’s PrepareAthon!’ on April 30 - First National Day of Action Expected to Draw Millions of Participants
        * Redeploy Illinois Program Diverts Thousands of Youth From Prison System, Saves State $60 Million - New analysis of prison diversion initiative shows 54 percent reduction in juvenile incarceration
        * Illinois EPA Recognized for 40 Year of Graduate Public Service Internship Partnership with University of Illinois at Springfield - Agency Internship Programs Help Students Gain Real-World Knowledge of Environmental Protection and Regulations
        * Governor Quinn Proclaims Tuesday, April 22, Earth Day in Illinois - Urges People Across the State to Go Green and Continue Environmental Consciousness

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