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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.

Discuss.

- Posted by Rich Miller        


24 Comments
  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…

    http://www.irs.gov/pub/irs-pdf/f1040sf.pdf


  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.


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