Capitol Fax.com - Your Illinois News Radar » *** UPDATED x8 - Quinn responds *** Brady paid no federal/state taxes in 2008, no federal taxes in ‘09
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*** UPDATED x8 - Quinn responds *** Brady paid no federal/state taxes in 2008, no federal taxes in ‘09

Friday, Apr 23, 2010

* Bill Brady’s campaign just issued a summary of his adjusted gross income and the taxes he paid. The document shows he paid no state or federal taxes in 2008 because of a federal tax break. From the campaign…

Brady’s taxable income from 2009 came under a provision of the IRS in 2009 to help small business fight through and survive by allowing the sales of assets.

More from the campaign…

The Bradys paid 22 percent of their taxable income as taxes in the last six reporting periods. They contributed more than six percent to charity during that time.

During the past three years, due to the recession and the unprecedented housing recession the Brady partnerships and combined business’ has lost a significant amount of money. […]

Anticipating the economic downturn, the Brady family began retooling their company in 2006. At its height, Brady Homes employed 34 employees. But facing the new economic reality, the company and staff had to be downsized through tough and painful decisions. The Realty side of the business saw a loss from 150 to 70 employees.

Here’s the summary…

2009

Adjusted Gross Income: $119,910
Taxable Income: $ 49,733
Federal Tax Paid $ -
State Tax Paid: $ 3,309

2008

Adjusted Gross Income: ($116,679)
Taxable Income: $ -
Federal Tax Paid: $ -
State Tax Paid: $ -

2007

Adjusted Gross Income: $372,355
Taxable Income: $318,796
Federal Tax Paid: $ 41,699
State Tax Paid: $ 10,802

2006

Adjusted Gross Income: $130,326
Taxable Income: $ 24,551
Federal Tax Paid: $ 1,228
State Tax Paid: $ 3,610

2005

Adjusted Gross Income $549,685
Taxable Income $466,314
Federal Tax Paid: $124,255
State Tax Paid: $ 20,058

2004

Adjusted Gross Income: $558,798
Taxable Income: $495,517
Federal Tax Paid: $158,454
State Tax Paid: $ 16,622

More later.

…Adding… Commenter “Scooby” wins the comment of the week award for this gem…

It’s a good thing his family business wasn’t a bank.

*** UPDATE 1 *** According to his returns, Brady reported losses of $369,500 in 2008 and $67,033 in 2009.

*** UPDATE 2 *** The initial Tribune story does not even report that Brady paid no taxes in 2008. Interesting.

*** UPDATE 3 *** State Board of Elections records show that Brady loaned his gubernatorial campaign $101,000 on December 31st of 2009. Yet he paid no federal income tax for the year and showed a taxable income of $49,733.

*** UPDATE 4 *** Brady loaned his campaign $30,000 in 2008 despite paying no federal or state income taxes for that calendar year.

*** UPDATE 5 *** The Associated Press reports that Brady paid no federal taxes in 2009, but does not mention that he paid no federal or state taxes in 2008.

*** UPDATE 6 *** Sun-Times

Republican candidate for governor Bill Brady disclosed today that he has not had to pay federal income taxes for the past two years and did not pay state income taxes for his 2008 filing.

According to tax returns made available briefly to the media this afternoon, Brady’s business interests took a significant hit in 2008, causing a net income loss of $116,679. As a result, Brady, a state senator and businessman from Bloomington, did not have to pay any income taxes for that year.

*** UPDATE 7 *** From the Pat Quinn campaign…

Today, after significant pressure, Senator Brady agreed to share several years of his past tax returns with the press. But there were conditions: instead of making copies available to the taxpayers of the state, select members of the media were invited to “view” his returns only for a limited period of time. This sounds more like a glimpse of Haley’s Comet or of a solar eclipse than the full disclosure the public deserves.

The original Tea Party’s rallying cry was “no taxation without representation.” Apparently, Senator Brady misinterpreted this line as “no taxation for elected representatives.” Since the public was not afforded the opportunity to view his returns, it’s likely we won’t know how he managed to pay no income taxes on over $100,000 of income in more than one tax year.

Given his track record—of supporting tax cuts for the wealthy but voting against a minimum wage, and of avoiding taxes on the salaries of his campaign officials—it’s not surprising that Bill Brady believes a different standard should apply to him.

If Senator Brady is this secretive and controlling about basic information like his tax returns, just imagine how he would govern. After two recent scandal-plagued administrations, Illinois residents deserve better.

*** UPDATE 8 *** Brady’s campaign is doing a conference call at 5 o’clock to discuss the issue. Atorney Jason Barickman will be answering questions. Barickman is also the chairman of the Champaign County Republican Party.

- Posted by Rich Miller        

139 Comments
  1. - Mongo - Friday, Apr 23, 10 @ 1:51 pm:

    No wonder the Senator didn’t want to release his returns.

    But this is spinnable. The housing industry tanked. His business isn’t the only one that lost money in 2008.

    Disclose before you are forced to disclose and it always looks better.


  2. - just sayin' - Friday, Apr 23, 10 @ 1:52 pm:

    A state senator paying no taxes in some years?!? Seriously?!? He can’t kick a little in no matter how brilliantly the Brady Bunch family lawyers crunched the numbers and spread the income?

    No wonder this state has a huge deficit.

    This race just got a lot tighter.


  3. - dave - Friday, Apr 23, 10 @ 1:53 pm:

    **Disclose before you are forced to disclose and it always looks better. **

    Wasn’t he already forced to disclose?


  4. - Steve - Friday, Apr 23, 10 @ 1:55 pm:

    Pat Quinn (Democrat-Ed Burke) is back in the race.


  5. - Wizard of Ozzie - Friday, Apr 23, 10 @ 1:57 pm:

    He only made $119,000 last year. What’s his Senate salary? About $90K? So he derives 75% of salary from the taxpayers? Wow. Someone has some ’splaining to do.


  6. - right side - Friday, Apr 23, 10 @ 1:57 pm:

    I have to admit, this looks pretty bad. It really limits Bill’s ability to talk about being a successful businessman or rail about the “overburdened taxpayer.” Big gift to Quinn.


  7. - follow the money - Friday, Apr 23, 10 @ 2:00 pm:

    Oh my God. How many other TAX ENUFFED ALREADY folks paid no taxes in the last two years–this is hilarious


  8. - Old Milwaukee - Friday, Apr 23, 10 @ 2:01 pm:

    It shows he is feeling the same economic pinch as everybody else. The economy tanked, and his business suffered. He had to make difficult decisions to keep his business afloat. The economy won’t ever affect Quinn’s income.


  9. - follow the money - Friday, Apr 23, 10 @ 2:02 pm:

    he paid nbo income tax on his state salary? Wonder how many state employees can say that!


  10. - Amuzing Myself - Friday, Apr 23, 10 @ 2:03 pm:

    I think this will end up helping Brady. His own tax situation reflects what business owners across Illinois face in this economy - something Quinn clearly doesn’t understand, having been paid solely by the taxpayers for most of his career. Should have released them sooner, but now that he has, they’re out there. Whodathunk that Quinn would have made more money that Brady last year?! So much for the old rich Republcian label.


  11. - Kirk Dillard, please call your office - Friday, Apr 23, 10 @ 2:03 pm:

    This “businessman” clearly doesn’t bring much to the table. Maybe his accountants and tax lawyers do.


  12. - Scooby - Friday, Apr 23, 10 @ 2:04 pm:

    It’s a good thing his family business wasn’t a bank.


  13. - Peggy SO-IL - Friday, Apr 23, 10 @ 2:05 pm:

    It doesn’t look good on first glance. Clearly, when the man’s business was making money, he was also, and was paying commensurate taxes. The last couple years are anomalies and since Brady’s in the home building business, yep, his company got hurt badly and had some tax benefits to help out as his release said. You don’t pay taxes if you have net negative income.

    I can understand why several years data were released. In normal times, he did pay measurable taxes. I do wonder what deductions reduced his AGI to taxable income so much particularly in 2009.

    I assume these are the personal tax return data of Sen. and Mrs. Brady. While I don’t think they’re obligated to reveal the private business’ returns, I am a bit curious about those books and the tax payments of the company.


  14. - OneMan - Friday, Apr 23, 10 @ 2:09 pm:

    He’s a builder who is still in business, he deserves some props for that.

    Also depending on the nature of the family businesses the loss may just be that a loss and just like other businesses (and people) they can’t tax you when you have no net income…


  15. - Rich Miller - Friday, Apr 23, 10 @ 2:13 pm:

    Scooby wins the comment of the week award.


  16. - just sayin' - Friday, Apr 23, 10 @ 2:15 pm:

    Would be interesting to know (and this would take more than 3 hrs) how losses and tax breaks were spread among the partners (Brady’s brothers I’m guessing) to shelter income across the board.

    Everything could be perfectly legal (and I’m sure it is), but still look very bad. There’s a higher standard for a candidate running for the highest office in the state, especially one who has been making the laws that he gets to take advantage of.


  17. - Old Milwaukee - Friday, Apr 23, 10 @ 2:23 pm:

    If Quinn ran a housing business he would still be pounding his fist demanding his customers pay higher prices so he would not have to lay off any employees.


  18. - siriusly - Friday, Apr 23, 10 @ 2:25 pm:

    “Anticipating the economic downturn, the Brady family began retooling their company in 2006″

    Wow! Senator Brady anticipated the great recession a full 2 years before it began.


  19. - wordslinger - Friday, Apr 23, 10 @ 2:26 pm:

    OK, now I get it.

    Brady handled this badly. He had to take a position and stick with it, early. He had to think it a few moves ahead.

    He really got the worst of all worlds.


  20. - Carl Nyberg - Friday, Apr 23, 10 @ 2:31 pm:

    The Trib engaged in partisan delivery of “news” stories!? I’m shocked! Shocked!

    They must have their top reporters looking for the WMD still.


  21. - Chicago Cynic - Friday, Apr 23, 10 @ 2:32 pm:

    No…I’m not trying to hide anything…nothing to see here. Move along…

    Sorry Senator Brady, your Jedi mind tricks ain’t working too well. OOOOPPPSSS.


  22. - (618) Democrat - Friday, Apr 23, 10 @ 2:32 pm:

    Wow! This is unbelievable. Brady doesn’t pay income taxes. How does that work? Didn’t he get payed to be a State Senator? Why wasn’t that taxed?


  23. - Brennan - Friday, Apr 23, 10 @ 2:34 pm:

    =Brady reported a loss in 2008 of $116,679.=

    Can you pay taxes when you report negative AGI?

    Interesting indeed.


  24. - Downstater - Friday, Apr 23, 10 @ 2:35 pm:

    Follow the money,
    Are you really that daft when it comes to taxes? If Brady’s business interests operated at a loss, it doesn’t matter what his state salary was, it wasn’t enough to overcome the business losses. Hence he paid no taxes.

    Interesting to note that Brady’s income has seesawed through the years, and yet he still pays his bills. Maybe the state of Illinois could learn a lesson how to do that.


  25. - just sayin' - Friday, Apr 23, 10 @ 2:36 pm:

    All Quinn needs now is a photo of Bill Brady tooling around in his Porsche while visiting his Florida home.

    Yes, the bad economy has been very rough on Brady. I’m sure all of his laid off employees are very sick about it.


  26. - Just Wondering - Friday, Apr 23, 10 @ 2:36 pm:

    Give me the name of his accountant. I can use some help.


  27. - Tom Joad - Friday, Apr 23, 10 @ 2:37 pm:

    Most of the large home builders had to sell off real estate and discount existing stock to survive. In addition, orders to build new homes were cancelled by many prospective buyers.
    Without this information from the corporate return, it is hard to get a clear picture.
    Regardless, just laying off half the employees would not be enough to keep the business going.


  28. - fed up - Friday, Apr 23, 10 @ 2:38 pm:

    His losses must of been pretty big to not have to owe taxes. Hard to hammer him to bad at least he didnt go Bankrupt. Hasnt Quinn been part of the managment team for the last 7 years for a State that is 12 billion in the hole.


  29. - Bubba - Friday, Apr 23, 10 @ 2:40 pm:

    In 1982 the governor’s race in Iowa turned on a very similar issue. Roxanne Conlin, a popular former U.S. attorney in Des Moines, was the democratic nominee and was well ahead in early polls. In a major speech she said the “republicans and their tax shelters” would not be able to buy the election. Within a few days her 35 year old opponent released several years of his tax returns and challenged her to do the same. After much stalling, public pressure forced her to release her own returns. Turns out her husband was a real estate syndicator and losses from his business meant they hadn’t paid taxes in years. Her big lead immediately turned into a large deficit from which she never recovered. The republican, Terry Branstad, coasted to victory and served four terms.

    Brady’s disclosure could be a turning point in this election too. It’s a big deal. All most people will understand is that he made what they consider a big salary as a legislator and paid no income tax. I think this will be very damaging to him.


  30. - fed up - Friday, Apr 23, 10 @ 2:41 pm:

    All Quinn needs now is a photo of Bill Brady tooling around in his Porsche while visiting his Florida home.

    Yes, the bad economy has been very rough on Brady. I’m sure all of his laid off employees are very sick about it.

    Kind of like the laid off state employees while Quinn has been in charge. Quinn is still cashing his state check while telling everyone the state owes money too sorry you will have to wait longer and longer.


  31. - Chicago Cynic - Friday, Apr 23, 10 @ 2:41 pm:

    I’ve been saying this for a while, but I’ve never seen the Tribune mother ship work so hard on both the editorial and news pages to put a giant thumb on the scale of public opinion in favor of one candidate. Editorial pages sure. But since when don’t we even report the “what” in “who” “what” “where” “when” “why? Shame on them.


  32. - wordslinger - Friday, Apr 23, 10 @ 2:42 pm:

    Those who gave us the concept of “tax-eater” are going to have to give us a ruling on what category Brady falls in.


  33. - CLJ - Friday, Apr 23, 10 @ 2:46 pm:

    No wonder Brady is looking for a new job. If you can’t keep your business profitable, how are you going to get the state back on track?


  34. - just sayin' - Friday, Apr 23, 10 @ 2:48 pm:

    “Kind of like the laid off state employees while Quinn has been in charge. Quinn is still cashing his state check while telling everyone the state owes money too sorry you will have to wait longer and longer.”

    I’m guessing Quinn doesn’t own a Porsche like Bill Brady does.


  35. - OneMan - Friday, Apr 23, 10 @ 2:48 pm:

    *** UPDATE 3 *** State Board of Elections records show that Brady loaned his gubernatorial campaign $101,000 on December 31st of 2009. Yet he paid no federal income tax for the year and showed a taxable income of $49,733.

    *** UPDATE 4 *** Brady loaned his campaign $30,000 in 2008 despite paying no federal or state income taxes for that calendar year.

    Because we don’t tax savings…. But yes it doesn’t look good all the same


  36. - KeepSmiling - Friday, Apr 23, 10 @ 2:49 pm:

    Why are the loans of interest? Is he using loans to his campaign to shelter his income from taxes? I don’t get it.


  37. - Vole - Friday, Apr 23, 10 @ 2:50 pm:

    I don’t see any problems here. No gain for Quinn either. As a small businessman, I pay taxes on my combined business and other income. A business loss would offset any other gains. So, for Brady, his bottom line could be negative even counting his salary as a state senator. Paying taxes ain’t fun. But not owing any taxes is far worse. Expose yourself to the world, win or lose, and you get nicked either way.


  38. - GOP loses - Friday, Apr 23, 10 @ 2:51 pm:

    I don’t know what to say. Should their be an audit on his returns? Should there be an investigation of anything illegal - cover ups - tax evasion? I may be the only one from Bloomington that is a Republican.. and say that I sure hope this loon loses office as he’s lost his business.


  39. - Reality - Friday, Apr 23, 10 @ 2:51 pm:

    Given that about 47% of all U.S. households did not pay once cent of federal income tax last year given all the tax breaks and credits available in our system it seems that Senator Brady is in good company. He is a small businessman struggling in this economy. That he even remained afloat in the housing business is nothing short of a miracle. This does not hurt him one iota. Only pigs at the trough of the government would reacty negatively to this. Anyone in the real world who works hard, meets a payroll and otherwise contributes to this economy will realize this for what it is.


  40. - Just Wondering - Friday, Apr 23, 10 @ 2:51 pm:

    This would have more of a negative impact if this was disclosed closer to November.


  41. - Rich Miller - Friday, Apr 23, 10 @ 2:53 pm:

    On a side note, I’m so happy that I can finally link to individual pages at the Board of Elections’ website. Hooray!


  42. - RobRoy - Friday, Apr 23, 10 @ 2:54 pm:

    The only ones who are wringing their hands, pointing fingers and saying oohh oohh, lookie, lookie are already in Quinn’s camp. Not many, if any, know what it’s like to sign the front of a paycheck.


  43. - dave - Friday, Apr 23, 10 @ 2:55 pm:

    **Given that about 47% of all U.S. households did not pay once cent of federal income tax last year given all the tax breaks and credits available in our system it seems that Senator Brady is in good company. **

    That 47% of households also didn’t make $120,000 in 2009.


  44. - taxman - Friday, Apr 23, 10 @ 2:55 pm:

    “My name is Bill Brady and I hate taxes so much I don’t pay them. Thanks for the taxpayer funded salary and pension though.” Quinn’s campaign manager will have a field day with this…..wait… Hey Rich, does Quinn have a campaign manager yet? I can’t remember if you’ve talked about this repeatedly….


  45. - right side - Friday, Apr 23, 10 @ 2:55 pm:

    It just kills his ability to be the spokesman for the “over taxed” and lets Quinn have the moral high-ground on the tax issue. It is unavoidable, the tax situation is what it is but don’t kid yourself that this ends up staying burried on a Friday afternoon and under the Alexi drama. This just handed Axelrods old firm a spectacular ad.


  46. - siriusly - Friday, Apr 23, 10 @ 2:57 pm:

    Pat Quinn commercials should go exactly like this:

    “Sen. Bill Brady doesn’t even pay taxes. Do you?”

    let him explain it away


  47. - Cousin Ralph - Friday, Apr 23, 10 @ 2:59 pm:

    A story that wont have a long term effect. Brady by 5


  48. - wordslinger - Friday, Apr 23, 10 @ 3:00 pm:

    The story will be there to the end.


  49. - ABCBoy - Friday, Apr 23, 10 @ 3:02 pm:

    ===
    Why are the loans of interest? Is he using loans to his campaign to shelter his income from taxes? I don’t get it.
    ===

    They’re not. I believe that’s what’s called “piling on.”

    The guy paid normal taxes during normal years. When he lost money or took major deductions due to business losses, he–like every other citizen in that situation–paid fewer (or no) taxes.

    The mere fact that he could loan his campaign $131,000 over 2 years only means that he was prudent enough to save enough to do it.

    He made a very nice income during normal years, was wise enough to save some for a rainy day, and obeyed the tax laws. That way, when things got tight, he’d still be able to navigate with reasonable freedom. It’s something the state should look into emulating.

    No doubt Quinn will try to spin this as “evil rich guy pays no taxes.” To which I suppose Brady could counter “Quinn even wants to tax people with negative incomes.”


  50. - Brennan - Friday, Apr 23, 10 @ 3:03 pm:

    FYI: Broadway is still open for business. Not really certain that there is even footage to push Broadway to the headlines.


  51. - Chicago Bars - Friday, Apr 23, 10 @ 3:05 pm:

    Putting on my genuine Johnny Carson edition Carnac the Magnificent turban…

    Question of the Day suggestion for Monday — was Brady’s release of his tax returns just hours (days?) before the FDIC seized Broadway Bank a genius bit of campaign maneuvering or a god given gift of a coincidence?


  52. - Wondering... - Friday, Apr 23, 10 @ 3:06 pm:

    I am no big fan of Brady but 80% of Americans pay no taxes and the number is going up. What’s the big deal?


  53. Pingback Well, He Is In Favor of Lower Taxes… | chicago.rssible.com - Friday, Apr 23, 10 @ 3:06 pm:

    […] Developing, as they say. […]


  54. - dave - Friday, Apr 23, 10 @ 3:13 pm:

    **80% of Americans pay no taxes and the number is going up.**

    Huh? A recent report said that 47% of households don’t pay federal income taxes.

    But ALL Americans pay taxes - state income tax, sales tax, utility taxes, gas taxes, cigarette taxes, property taxes, etc.


  55. - jake - Friday, Apr 23, 10 @ 3:14 pm:

    This plays into a story line that reads that the system is stacked against the middle class who work for wages and always pay substantial taxes on those wages, as compared to wealthy businesspeople who can find loopholes to pay minimal or no taxes while still living in a luxurious style. For example, somebody who receives wages and has been very thrifty, building a subtantial nest egg for retirement, was not able to declare a loss against wages when the nest egg partially vanished during the recession, yet was really suffering an equivalent financial reversal to Brady. This definitely does not help Brady. How much it hurts him depends on how skillful the Quinn campaign is in exploiting it.


  56. - OneMan - Friday, Apr 23, 10 @ 3:15 pm:

    I don’t know what to say. Should their be an audit on his returns? Should there be an investigation of anything illegal - cover ups - tax evasion? I may be the only one from Bloomington that is a Republican.. and say that I sure hope this loon loses office as he’s lost his business.

    He could have cashed out of his business and left it for the feds to clean it up (oh that’s right he doesn’t own a bank)..

    But seriously, you want the guy audited because his construction company lost money the last couple of years? Who in construction is making money right now?

    The easy thing to do would be close up shop and not employ anyone.

    Lots of companies lose money at times, doesn’t mean they are bad companies. Remember the money Cat used to lose every year?

    I get it you don’t like the guy, that’s fine. Also it would have been better if they would have made money the last few years, but if they did I think you would be suspicious of that too..


  57. - Charlie Wilson - Friday, Apr 23, 10 @ 3:15 pm:

    Who cares about the taxes, he is a wealthy biz owner who knows who to hire to reduce his tax liability. What does matter, though, is that he does not acknowledge that the economy has had the same effect on the revenues of the state. If democrats mismanaged the state budget (i.e. its not the economy) then he mismanaged his businesses budget. Or vice versa. Additionally I want him to explain how he plans on bringing jobs to IL when he couldn’t bring jobs to his own business. He can’t claim a poor biz-tax environment was the cause because he paid zero in taxes the years he laid people off.


  58. - Mongo - Friday, Apr 23, 10 @ 3:18 pm:

    Wondering…wait a minute. Not a single person I know pays no taxes. Not one. A lot of businesses had losses and therefore their adjusted gross income took a hit. But they still paid taxes.

    Wait a minute…maybe I just don’t know the right Senators!


  59. - Chicago Cynic - Friday, Apr 23, 10 @ 3:18 pm:

    Wondering, stop listening to Glenn Beck. 80% pay no taxes? Ummm, no. Depending upon who you believe, at most 47% pay no FEDERAL INCOME taxes. But everyone pays sales tax, gas tax, property taxes, restaurant taxes, entertainment taxes, etc. etc.


  60. - Joe - Friday, Apr 23, 10 @ 3:18 pm:

    Did Jason Plummer make more money than Brady? Maybe, the ticket should have been reversed, since Plummer is billed as an outstanding businessman.


  61. - Chicago Cynic - Friday, Apr 23, 10 @ 3:19 pm:

    Sorry for the repetition - didn’t see Dave had posted the same thing.


  62. - Chicago Cynic - Friday, Apr 23, 10 @ 3:22 pm:

    For those that say this doesn’t matter. Think Leona Helmsley, “only the little people pay taxes.” This is going to hurt!

    Oh, and I see nothing about the FDIC seizing Broadway Bank. I know that’s expected, but it hasn’t happened yet, has it?


  63. - Kirk Dillard, please call your office - Friday, Apr 23, 10 @ 3:24 pm:

    Last week when Bill Brady was saying he wouldn’t release his returns, here was how he stonewalled:

    “The Bloomington senator says making the documents public when he ran for governor four years ago hurt his business interests, which include real estate development.” http://www.wgntv.com/news/sns-ap-il–governorsrace-taxes,0,370436.story

    So now we know that excuse was just a lie. Today’s bombshell about no payments is what he was really worried about.

    Can the Republicans keep a candidate who doesn’t tell the truth?


  64. - Rich Miller - Friday, Apr 23, 10 @ 3:25 pm:

    So far, Broadway isn’t on the list of eated banks… http://www.fdic.gov/bank/individual/failed/banklist.html


  65. - whet moser - Friday, Apr 23, 10 @ 3:28 pm:

    Hmm… this doesn’t seem like that big a deal, thinking about it. Brady got killed in 2008, so he didn’t pay taxes, and it wouldn’t surprise me if he rolled losses forward towards 2009.

    Not a Brady fan by any means, but this seems to have worked as the tax system is designed to do.


  66. - OneMan - Friday, Apr 23, 10 @ 3:33 pm:

    The Trib headline

    Republican governor hopeful Brady reports major income drop as housing market struggles


  67. - ABCBoy - Friday, Apr 23, 10 @ 3:34 pm:

    ===
    …wealthy businesspeople who can find loopholes to pay minimal or no taxes while still living in a luxurious style.
    ===

    This is not an exotic loophole, and it certainly isn’t open only to “wealthy” business people. The federal tax code allows anybody to deduct business expenses and business losses–whether you’re wealthy or just a small mom & pop shop. The rule is there to provide at least a slight buffer for folks who take risk in running their own business. Small business owners put up the capital (or take on the risk of loans) and the tax rule is there to help them ride out some bad/lean years.

    It’s open to everybody–no special deals.


  68. - (618) Democrat - Friday, Apr 23, 10 @ 3:34 pm:

    Thousands of teachers are being layed off across the State. Why? Because Brady doesn’t pay state or federal taxes.


  69. - Louis Howe - Friday, Apr 23, 10 @ 3:35 pm:

    I’ve known a lot of real estate investors over time and they tend to have boom and bust years. I am not surprised by Brady’s tax returns, but it’s not a deal killer. However, it dampens his ability to play the tax issue against Quinn and may even throw some water on the “competence” issue.
    Lucky for Brady, Poor Pat looks to be so incompetent that even a down on his luck real estate developer may be able to close the deal come November.


  70. - Rich Miller - Friday, Apr 23, 10 @ 3:36 pm:

    ===So now we know that excuse was just a lie. ===

    Um, did you see his income for 2006? Way down from 2005.


  71. - ABCBoy - Friday, Apr 23, 10 @ 3:36 pm:

    Seriously, folks looking to exploit this news fall into one of two categories (possibly both):

    1) Fools who don’t understand the tax code and how business operates, or

    2) Hacks who understand perfectly well that this is all legit, but are trying to dupe the electorate into thinking that what Brady did was somehow shady/illegal/wrong.


  72. - Beowulf - Friday, Apr 23, 10 @ 3:36 pm:

    After reading the above comments, it is easy to understand why Bill Brady was hesitant to show his tax returns. If he had done anything illegal,immoral, or something he was ashamed of, my guess is that he would have “refused” to show his tax returns. Instead, he hung it out there for everyone to see no matter how painful it happened to be for him and his family to do so. He was hesitant to show his tax return because he knew that 98% of the people that saw his tax return would immediately jump to the wrong conclusions and think that he had done something wrong. Let’s face it. Tax returns can be extremely complicated and totally misleading unless you have an accounting background. Brady does not seem to have done anything wrong. He simply has been negatively impacted by the one area of the economy (building and housing developments) that the recession has hit the hardest. Most of the other builders have gone over a cliff. Many builders are either declaring or are in the process of declaring bankruptcy due to the recesssion. At least, Bill Brady isn’t there yet. Nor are federal regulators ready to close his business down. On the other hand, if he or his other Brady family members had liquidated part or all of their ownership and stock in their family business and left the remaining shareholders holding the bag while they skipped out with major money and left the government and the taxpayers to take a beating, then I would be far more critical of Brady and his family members. Alexi can identify with that.


  73. - ABCBoy - Friday, Apr 23, 10 @ 3:38 pm:

    ===
    Thousands of teachers are being layed off across the State. Why? Because Brady doesn’t pay state or federal taxes.
    ===

    OK, this is just plain goofy.

    1) He LOST income in 2008–nothing to tax. The other deductions are par for the course.

    2) How is it that a deficit of BILLIONS is going to be offset by one guy makign six figures?


  74. - ThreeSheets - Friday, Apr 23, 10 @ 3:45 pm:

    I don’t see what is so interesting or unusual about updates #3 and #4. Just because he had low income those years doesn’t mean he didn’t have savings and/or investments to use for his campaign.


  75. - fed up - Friday, Apr 23, 10 @ 3:48 pm:

    How about Pat Quinn shows us what he has accomplished in the time he has been collecting a state paycheck 2003-present. Lets see accomplishements:
    helped Blago get reelected. Helped oversee Illinois run up 12 Billion in Debts, laid of hundreds of state workers while still cashing my check and backed down like a coward after promising to do something about the Burris senate fiasco and Illinois Trustees refusing to resign.


  76. - just sayin' - Friday, Apr 23, 10 @ 3:48 pm:

    Anyone know how much Brady makes a year as a state senator when all of the committee assignments are included? Close to $90 or a $100 thousand?

    Just wondering. Guess we should all look into tax shelters.


  77. - Yellow Dog Democrat - Friday, Apr 23, 10 @ 3:50 pm:

    There is no way to spin your way out of this.

    He’s either a guy whose gaming the system and not paying is fair share in taxes, or a guy who can’t even manage a successful small business who now wants to run a $60 billion budget.

    The fact he’s loaned his own campaign money, made political contributions, and voted against closing tax loopholes that benefited himself personally are just icing on the cake.


  78. - Rambler - Friday, Apr 23, 10 @ 3:53 pm:

    Brady’s business is highly cyclical. It prospered during the boom and tanked during the bust.
    He paid more than $325,000 in federal tax over six years, or more than $54,000 per year on average. I’d guess most of us paid far less.
    The Tribune article says his “construction business made him wealthy during the boom years of the 1990s.” It’s expected that he has money to loan to his campaign.
    Of course one wonders — with Brady as with all of the legislators with outside businesses — how much his position in government has helped his business.


  79. - Yellow Dog Democrat - Friday, Apr 23, 10 @ 3:53 pm:

    @Beowulf -

    Your missing a big part of the picture: Brady voted on legislation affecting the construction business and the taxes corporations pay, and now ALL of that is on the table.

    For example, in 2003 he voted against corporate accountability legislation.


  80. - Anon - Friday, Apr 23, 10 @ 3:54 pm:

    Can’t wait for Bill to tell us how is going to run the state like buisness. Maybe not his so much though.


  81. - George - Friday, Apr 23, 10 @ 3:55 pm:

    I don’t think anyone is saying what Brady did was illegal at all. It is just a straightforward pie in the face moment when he is saying he is being taxed too much - yet he isn’t paying any income taxes.

    Someone who has the following effective federal tax rates is the last person to be talking about how they are being taxed too much:

    2009: 0%
    2008: 0%
    2007: 11%
    2006: 1%

    I mean… there are people on low, fixed incomes that are paying an effective federal rate of 10-15%!


  82. - ABCBoy - Friday, Apr 23, 10 @ 3:57 pm:

    ===
    There is no way to spin your way out of this.

    He’s either a guy whose gaming the system and not paying is fair share in taxes, or a guy who can’t even manage a successful small business who now wants to run a $60 billion budget.

    The fact he’s loaned his own campaign money, made political contributions, and voted against closing tax loopholes that benefited himself personally are just icing on the cake.
    ===

    Nonsense. He can spin it just fine. He certainly isn’t “gaming the system.” The deductions are available to everybody with a business loss. He can also say, “like most people, my business has also been struggling. I have every incentive to improve the economy of the state–when the job market improves, so will the housing markets. Yes, out firm lost money in the housing crisis, but we–unlike the Blago/Quinn Administration–were able to make some tough choices. We adjusted our sails, re-tooled for difficult times, and will survive this recession. The State of Illinois should be doing the same.”


  83. - Robert - Friday, Apr 23, 10 @ 3:59 pm:

    yes, no one is saying he did anything illegal - yet. But it takes some time for those with tax expertise to go through these in detail - there’s a chance Brady is hiding more than just legal tricks to avoid taxes.

    Or maybe he just invested in Alexi’s bank.


  84. - George - Friday, Apr 23, 10 @ 3:59 pm:

    Let me just add:

    For someone who has seen the amount of taxes he has paid to the state in the past few years drop dramatically, he sure is having an awfully hard time understanding the state’s revenue problem.


  85. - Lester Holt's Mustache - Friday, Apr 23, 10 @ 4:01 pm:

    I don’t really care how you explain it. Rich and everyone else on here will tell you that as soon as Brady (or his campaign)tries to explain what his paying no income taxes has to do with “tax codes”, he loses. People’s eyes glaze over whenever tax policy and numbers some up. Can you imagine a TV commercial or radio ad that goes into a detailed explanation of this? Zzzzzz…

    “He drives a Porsche, but pays no taxes” makes a better bumper sticker. And as the TEA party folks will tell you, that’s all that matters.


  86. - Sangamo Better Blues - Friday, Apr 23, 10 @ 4:01 pm:

    @Rambler-

    “Of course one wonders — with Brady as with all of the legislators with outside businesses — how much his position in government has helped his business.”

    It would be interesting to see how many bills he has sponsored for the Home Builders. Although by now he has probably transferred sponsorship of them all to other Senators in his recent purge of potentially controversial bills with his name on them.


  87. - Rich Miller - Friday, Apr 23, 10 @ 4:02 pm:

    LHM is pretty much right on target. This is not an easy sell for Brady. Business in the tank, no big deal. Didn’t pay taxes, much bigger deal, even though the two are directly related.


  88. - ABCBoy - Friday, Apr 23, 10 @ 4:03 pm:

    ===
    Can’t wait for Bill to tell us how is going to run the state like buisness. Maybe not his so much though.
    ===

    Brady’s business is largely profitable with the exception of the past few years. Even then, it was prudent enough to have a reserve to survive lean times. If Illinois had been doing the same thing we’d be in much better shape.


  89. - ABCBoy - Friday, Apr 23, 10 @ 4:07 pm:

    ==
    LHM is pretty much right on target. This is not an easy sell for Brady. Business in the tank, no big deal. Didn’t pay taxes, much bigger deal, even though the two are directly related.
    ==

    So people think individuals ought to pay taxes even when they have a NEGATIVE income? That’s absurd…

    But you’re right. The bumper sticker writes itself. If you don’t THINK about it, it looks bad. If somebody thinks about it for 1/2 a second, it’s absurd.

    Pure class-warfare demagaugery at it’s finest. Even Quinn should be able to get some mileage on it. Whether it will ultimately WORK or not is another matter.


  90. - Rich Miller - Friday, Apr 23, 10 @ 4:08 pm:

    ===So people think ===

    That’s your mistake.

    The candidate who has to convince people to truly think things through is the candidate who loses the argument.


  91. - JoJo - Friday, Apr 23, 10 @ 4:10 pm:

    Years ago my college kid made about $4500 and he filed taxes and got $10 back I think. Even our children pay their taxes!


  92. - Juice - Friday, Apr 23, 10 @ 4:13 pm:

    Well, at least we know that Brady’s demand for tax cuts isn’t out of self interest.


  93. - Peggy Far South of I-80 - Friday, Apr 23, 10 @ 4:14 pm:

    The spin ought to be about the bad economy, bad home loans made, shrinking construction industry…When business does bad, the state does bad. Losing businesses do not have tax obligations. Tax filings look funny when businesses and owners have net losses. This is the tax code at work, not Brady’s gaming.

    Brady needs to propound pro-economic development policies to provide tax revenue. No doubt Brady’s business is not the only one that has been suffering and will not be paying taxes on their losses. Brady’s not being treated any differently than any other business.

    GE paid zero taxes FY09, but I didn’t see MSNBC hosts decrying that. I bet some newspapers will have zero tax obligations if they had a negative year in 09.


  94. - Phineas J. Whoopee - Friday, Apr 23, 10 @ 4:17 pm:

    So, what type of a tax relief does Senator Brady want for the rest of us? It appears the tax system is working just fine for him. Quinn needs to propose a tax increase just for the Senator.


  95. - Cindy Lou - Friday, Apr 23, 10 @ 4:22 pm:

    –”The candidate who has to convince people to truly think things through is the candidate who loses the argument”.–

    Bingo. Unless ABCBoy is going to run door to door staewide, paper to paper and make us listen to actually understand all the average joe is going to remember is ….

    –”It is just a straightforward pie in the face moment when he is saying he is being taxed too much - yet he isn’t paying any income taxes. Someone who has the following effective federal tax rates is the last person to be talking about how they are being taxed too much:

    2009: 0%
    2008: 0%
    2007: 11%
    2006: 1%

    Sure there’s always two sides to every story and somewhere buried in all the glaring headlines and blogs will be accurate honest whys and hows, but the average voter is not going to bother spending such effort to hunt it down when the man spent weeks trying to not disclose. Not going to matter , all the agruing back and forth or even the facts, many won’t get past 0%.


  96. - ShadyBillBrady - Friday, Apr 23, 10 @ 4:29 pm:

    FedUP ==Hasnt Quinn been part of the managment team for the last 7 years for a State that is 12 billion in the hole==

    Brady was in Springfield during that time as well. And prior to that with a Republican Governor as well when things were mismanaged. Our mess is not all from Blago … and Republican before him is actually in prison, remember?


  97. - Vole - Friday, Apr 23, 10 @ 4:32 pm:

    “The candidate who has to convince people to truly think things through is the candidate who loses the argument.”

    So, are we falling back to blaming it all our government perils on the voters?

    If this argument is true then we are all lost and there is no sense in having representative government.


  98. - Fed up - Friday, Apr 23, 10 @ 4:32 pm:

    Yeah but George Ryans partner/running mate isnt trying run for Gov. Face Quinn is part of the managment team that ran the state of Ill off a cliff.


  99. - ABCBoy - Friday, Apr 23, 10 @ 4:33 pm:

    ===
    The candidate who has to convince people to truly think things through is the candidate who loses the argument.
    ===

    And that’s the shame of it right there. Regardless of partisan politics, when whipped up into an un-thinking frenzy the public can do all sorts of completely ill-advised and often counter-productive things.

    So basically, it doesn’t matter if a policy is right or wrong (in this case, allowing businesses to write-off losses). What matters is if a pol can put simplistic demagogue-like spin on it.


  100. - Rambler - Friday, Apr 23, 10 @ 4:33 pm:

    Brady paid an average of more than $54,000 per year in federal tax over six years.
    Quinn paid $27,547 in federal income tax in 2009. Presumably years 2004 through 2008 were similar.
    Seems to me Brady is in pretty good shape on the issue.


  101. - Rich Miller - Friday, Apr 23, 10 @ 4:34 pm:

    Vole, do you think voters don’t bear responsibility?


  102. - Pot calling kettle - Friday, Apr 23, 10 @ 4:34 pm:

    This hurts Brady. Those of you refusing to see this are being willfully ignorant of how politics works. It doesn’t matter why, the messages will be:
    1) The man is wealthy and he paid no taxes.
    2) To make up the business deficit he laid of employees instead of selling his extra home or his Porsche or whatever. (This will make a great ad: pictures of laid off employees and Brady’s possessions with a tag line about what Brady thinks is important.)
    3) For the more sophisticated: Brady says we can’t raise taxes when the economy is bad. His tax return is a perfect example of where that argument falls flat. People suffering in the bad economy don’t pay taxes.
    4) He can’t run a business, how can he run the state?

    The list of easy to sell, hard to explain away tags is endless. It’s clear why he did not want to release his taxes and why he only wanted reporters to have a quick look. (and why he did a Friday dump)

    Unfortunately for Brady, the press (and Quinn’s people) will now start clamoring for details on Brady’s business and how its losses were structured. If Brady does not fully disclose now, he will be hammered for months, if he does disclose now, it will be in ads. Either way, it’s bad news.


  103. - DzNuts - Friday, Apr 23, 10 @ 4:38 pm:

    Is it me, or are people missing the fact that any employee has taxes taken out of their paycheck, including Brady. He paid taxes but he didn’t have to pay even more taxes because of the business losses. Evaluating a tax return is like trying to examine a IRS 990 form and making some blanket accusations because the accuser can’t comprehend GAAP. There’s smoke in this story, but there’s no fire.


  104. - Phineas J. Whoopee - Friday, Apr 23, 10 @ 4:38 pm:

    BTW, this is about as clear an example of why voters are so frustrated with government. Here is Quinn, running his campaign based on a tax increase, and his opponent who is busy demonizing him for it, hasn’t paid what people earning 1/100th of what he does have paid.

    It really is astounding.


  105. - upstate - Friday, Apr 23, 10 @ 4:39 pm:

    If Brady were smart and a true party guy he would set aside and let the Rep put Dillard on the ticket.


  106. - dave - Friday, Apr 23, 10 @ 4:40 pm:

    **Is it me, or are people missing the fact that any employee has taxes taken out of their paycheck, including Brady. He paid taxes but he didn’t have to pay even more taxes because of the business losses. **

    Wrong. The reported numbers are not the “additional” taxes that Brady had to pay on top of what was already deducted. They are the actual amounts of taxes that he owed.


  107. - Dem in Denim - Friday, Apr 23, 10 @ 4:42 pm:

    Apparently state taxes were a mere speed bump to Brady’s sports car while he made a 6-year net AGI of $1.6 Million. And over the four years 2006-2009, Brady’s net AGI was $505,912, yet his total fed and state taxes were only $60,648 (only 12%). Did he hire a new accountant at the same time he was laying people off? Wonder if Brady pays his tax accountant more than he pays in taxes. Guess that’s the rich man’s way. Smells bad.


  108. - ABCBoy - Friday, Apr 23, 10 @ 4:44 pm:

    ===
    Vole, do you think voters don’t bear responsibility?
    ===

    Exactly. At the end of the day, in a democracy, the buck stops with the voters. Ultimately we are the enablers until people start paying more attention.


  109. - ShadyBillBrady - Friday, Apr 23, 10 @ 4:45 pm:

    Youo can’t be out there telling people how unfriendly this state is to businesses and small business owners with any credibililty after this. ABCBoy, it’s not about if people think you should pay taxes when you take a negative hit. It’s that people think it’s shady when you drive a porsche, own a home in Florida, live in one of the nicest neighborhoods in Bloomington, wear ostrich-leather boots, and own or partly own SEVERAL businesses but don’t pay income taxes.

    Just like if you think about it Pat Quinn was never really a player in the Blagojevich administration, but you hear Brady refer to it as the Quinn/Blagojevich administration, right?

    Regardless of what it REALLY means, this is not a positive for the Brady campaign.

    I’ve said it before and I’ll say it again … Bill Brady is not used to being on this kind of stage with this kind of spotlight. And so far, it seems he’s likely begging for intermission to get here.


  110. - CircularFiringSquad - Friday, Apr 23, 10 @ 4:47 pm:

    Capt. Fax:
    Give us the Schedule C. How much revenue? What write-offs? That should be much entertaining from BillTheBuilder.
    The Senate salary is probably all W-2
    Sure he did not hide any that from you media sharpies.


  111. - steve schnorf - Friday, Apr 23, 10 @ 4:56 pm:

    What drivel we are hearing from the Brady haters. He’s just like any businessman or woman, farmer, anyone else earning an income not a paycheck. In good years he pays big taxes (let some of you tell you pay more annually than he did in his good years) and in bad years you pay very little, or none, or have losses to carry forward to future good years. And, unlike some others, he was a good enough manager that his business survived.


  112. - ShadyBillBrady - Friday, Apr 23, 10 @ 4:58 pm:

    ===So now we know that excuse was just a lie. ===

    ==Um, did you see his income for 2006? Way down from 2005.==

    Yes, 06 was down from 05. But not sure that was a result of him releasing his returns. Could have had something to do with him being busy on the campaign too. His income rebounded significantly in 2007 - even after apparently disclosin all his confidential business plans on his tax returns to his competitors (what-huh?).

    It seems to then dip again right about the time he started campaigning in 2008 and 2009.

    So I’m not sure the correlation is there.

    Not sure his excuse was a lie, neceesarily. But it was an excuse.


  113. - Justice - Friday, Apr 23, 10 @ 4:59 pm:

    I see this as a net loss to Brady.

    People will spin this as “What was he hiding….? A Porsche and Florida home…? Having to pay no taxes and laying off people? Where are his management skills? Does he care about others or just himself?”

    Lots of ammo here for the opposition and he just keeps adding to it. What next?

    It’s Quinn’s turn to look like a buffoon. I’m sure we won’t be disappointed.

    Can we race to the bottom any faster? I think we can. Geesh, Scott Lee Cohen is starting to look better every day, as is that banker guy.


  114. - chuckT - Friday, Apr 23, 10 @ 5:00 pm:

    It’s all moot. Alexi’s bank failure will suck all the attention away from Brady. Serendipity for his campaign?


  115. - Tom Parking - Friday, Apr 23, 10 @ 5:00 pm:

    This is not a big deal. His business is susceptible to housing booms and busts. He did nothing illegal or unethical. What is the attack line? Quinn probably would have preferred that Brady made lots of money during the recession. He would have hammered him on that. As it is, the information is virtually useless to Quinn.


  116. - ABCBoy - Friday, Apr 23, 10 @ 5:01 pm:

    ===
    Just like if you think about it Pat Quinn was never really a player in the Blagojevich administration, but you hear Brady refer to it as the Quinn/Blagojevich administration, right?
    ===

    Exactly. Cuts both ways. It’s a real shame. There are bright partisans on both sides who in theory could argue at high levels but instead are reduced to 2nd grader demagogic sound bites. Aint’ it a bit**?

    I never said this wouldn’t hurt him at all. I just said it wasn’t completely un-spinnable.

    This is also very sad.

    Quinn will now engage in class-warfare and stoke the flames of resentment at the ‘rich guy’ while Brady will hang the Blago/one party rule/financial mess around Quinn’s neck. Brady’s point is more pervasive with many strong example over years, but Quinn’s will be more visceral and concrete as a “boogey man.”

    And, in my opinion, if this state swings even more liberal/populist with a “get the rich,” it will simply drive more jobs and investment capital out of the state and make our situation even worse.


  117. - Rich Miller - Friday, Apr 23, 10 @ 5:03 pm:

    ===What is the attack line? ===

    Did you not read the Quinn press release?


  118. - Wondering... - Friday, Apr 23, 10 @ 5:04 pm:

    I detest Glenn Beck for starters…

    I meant FEDERAL INCOME TAXES… you are right, I s/h/b more specific.
    I said 80%… so I was exaggerating. Hell’s bells, 47% is still a huge number. And it is going UP.
    So I said, what’s the big deal? And that I meant… what’s the big deal??


  119. - Tom Parking - Friday, Apr 23, 10 @ 5:13 pm:

    Quinn’s press release rambled all over the map.


  120. - CircularFiringSquad - Friday, Apr 23, 10 @ 5:16 pm:

    Capt Fax ya out there?
    What about Schedule C#s ?


  121. - Vole - Friday, Apr 23, 10 @ 5:34 pm:

    “Vole, do you think voters don’t bear responsibility?”

    Sure, but I think we are also victims of a really messed up electoral system. Broken system and broken voters go hand in hand. The political class pretty much corrupted and broke the system. The voters went along for want of better (informed) choices.


  122. - Oswego Willy - Friday, Apr 23, 10 @ 5:39 pm:

    “Senator Brady, paying ZERO income tax, and then your income tax rate gets increased at the state level, how high will it have to be to have you pay ANYTHING ….”

    Brady wants to cut 10% of the budget, everywhere, across the board.

    This is going to be one interseting spin job with this conference call.

    The only thing worse for the Repub Guv ticket is if Robert Plummer STILL claimed Jason on HIS tax returns!


  123. - Louis G. Atsaves - Friday, Apr 23, 10 @ 5:48 pm:

    Democrats are quite a tax happy bunch. They want someone to pay income tax on losses? And Pat Quinn who claims he “inherited” a monster deficit from a previous administration HE WAS PART OF has chimed in?

    Brady is one lucky guy. Giannoulias will push Brady to page 25 of tomorrow’s newspapers.


  124. - Rich Miller - Friday, Apr 23, 10 @ 5:48 pm:

    OW, the conference call was pretty uninformative.


  125. - Hisgirlfriday - Friday, Apr 23, 10 @ 5:58 pm:

    Sure, the economy is bad, but it took a lot longer for McLean County to catch up with the rest of the state/country in terms of the job losses/construction slowdown. Something seems off here.

    Not to mention that per Wikipedia the construction business is not his only source of income:
    he is a co-owner of Brady Homes, one of Central Illinois’ largest home builders. His financial statements and other sources indicate that Brady owns a Days Inn motel in Danville, Illinois, a ReMax realty agency, an Amish furniture store, a Fort Lauderdale, Florida condominium and an interest in the Bloomington Extreme, a Bloomington, Illinois professional indoor football team.


  126. - 47th Ward - Friday, Apr 23, 10 @ 6:03 pm:

    ===Bloomington Extreme===

    Lol! You can’t make this stuff up.


  127. - Oswego Willy - Friday, Apr 23, 10 @ 6:03 pm:

    Thanks, Rich.

    Well, i guess we won’t hear the “As a business-owner, I can tell you that my taxes are just too high.”

    If I am Brady/Plummer … I hope and pray the Quinn/Simon crew do not do an ad with two former employees that were laid off from RP Lumber or the real estate company owned by Brady …

    No taxes paid, but a house in Florida and layoffs at the company?

    A kid getting “loans” from family, while the family business is laying off employees?

    If you have to explain it, then you don’t got it!


  128. - Rich Miller - Friday, Apr 23, 10 @ 6:06 pm:

    Hisgirlfriday, from what I can tell so far, he had a few really big cash cows and a whole bunch of business that always operated at a loss, including the radio station. When the cash cows went south, it all went to heck. He’s still got those businesses reporting losses, but now he’s got big losses on his cash cows. His WEB Construction Co. went from a $378,799 profit for him in 2004 to a $241,902 loss in 2008. That’s more than a $600K swing the wrong way, baby. Oof.


  129. - Champaign - Friday, Apr 23, 10 @ 6:21 pm:

    Oof. He was working on building/developing a subdivision in Champaign right before the recession. Don’t know how many homes and condos or acres, but I imagine the bank still wants them to be developed and the interest payments to arrive on time.

    Of course my business is suffering because the U of I has had several hiring freezes. State budget issues that trickle down to those of us whose jobs depend on a funded University system.

    I imagine his construction company has been feeling some of the same pain.


  130. - Macbeth - Friday, Apr 23, 10 @ 7:14 pm:

    Something doesn’t make sense here. People are defending Brady for *not* paying taxes becausehis business tanks?

    So what? He should take the business hit *and* pay taxes.

    I earn half as much Brady, pay huge taxes, and have to deal with property tax that keeps going up. When do I get to not pay taxes?

    Wait — what?

    Yeah, never. That’s what I thought.

    Brady’s like everything that bugs me about right-wing talk radio and fox tv.


  131. - anon - Friday, Apr 23, 10 @ 7:27 pm:

    “All Quinn needs now is a photo of Bill Brady tooling around in his Porsche while visiting his Florida home.

    Yes, the bad economy has been very rough on Brady. I’m sure all of his laid off employees are very sick about it.

    Kind of like the laid off state employees while Quinn has been in charge. Quinn is still cashing his state check while telling everyone the state owes money too sorry you will have to wait longer and longer.”

    If I recall, Quinn returns all but $1 of his state salary


  132. - ShadyBillBrady - Friday, Apr 23, 10 @ 8:31 pm:

    ==Democrats are quite a tax happy bunch. They want someone to pay income tax on losses?==

    Ummm, he had a net loss in ONE year. In 2009 he reported significant income and still paid NO federal taxes.

    And it’s not about wanting people to pay taxes. It’s about not wanting politicians to stand on their soapbox and tell one story while living a completely different story. People don’t like that. It’s, well, Shady.


  133. - realistic - Friday, Apr 23, 10 @ 10:00 pm:

    Let’s see, Quinn who has lived off the taxpayers for the past 40 years (millions of dollars in salary) verses Brady not paying any taxes for a couple of years because of a declining housing market. I’ll take Brady six days a week and twice on Sunday.

    Also don’t forget all the sales taxes from home building materials, income taxes from his employees wages, licenses and fee’s, and new local property taxes generated from his business even when he didn’t owe any tax for a particular year.

    Like I said, Quinn has been living of taxpayers his whole life. No comparison.


  134. - Anonymous - Friday, Apr 23, 10 @ 10:37 pm:

    Some folks obviously don’t grasp the concept of running a business. Income less Expenses = Profit or Loss, tax on profit. No tax levied on loss. Business produces a loss, employees get paid, creditors get paid, but the owner does not. Thus, no tax.

    Those of you who have collected W-2’s for your entire life have no clue. You have to put back money from the good years and hope that its enough to get the business AND you through the bad years. Ask Rich about running a business.


  135. - Chicago Cynic - Friday, Apr 23, 10 @ 10:37 pm:

    I still would like to know if the state takes withholding from legislator salaries. If they do (which I assume they do), then Brady must have received a refund of some kind. What was it? That’s where it gets really interesting.


  136. - Yeahright - Friday, Apr 23, 10 @ 11:04 pm:

    Quinn ===Brady paid no federal/state taxes in 2008, no federal taxes in ‘09===

    ===What is the attack line? ===

    –Did you not read the Quinn press release?—

    Yes I did read the press release and of course I support Brady so I think a little differently then those that are just here to find something to attack brady with no matter how shallow. Quinn’s press release should be Gov. Quinn proves he’s so liberal a democrat that he thinks that people should pay taxes even if they make no income, so how much should we pay? I know allof it.
    Even Obama cut Brady a break and agrees this is one of the worst economies since the depression and the problems were centered on the housing sales and construction industry which is the Brady’s primary area of business. Many other Housing companies went out of business Brady’s have apparently turned around his income is increasing. I give the Brady’s credit they talked about the fact they had to shrink their companies but they did everything they could to keep people working. Brady’s apparently cut their own pay and lived on their savings to pay their employees as have many employers across this state. I guess Quinn thinks that Brady should have cut the number of his workers further so that he could pay income taxes.
    The other part of this is we should compare how Quinn and Brady have or did handle difficult situations. Brady has done what he should have done to protect the company and as many employees as he could in a bad economy; he downsized to make sure the company and as many employees as possible survived the drop in sales. In Quinn’s case he refuses to admit that he needs to change anything in government to improve its efficiency and has raised fees and regulation chasing Business and Jobs out of state. Quinn also mainly talks about raising taxes and even threatens schools and cities with less funding to get support for his tax increase; a modified form of Blagojevich’s “Pay to Play” causing ten’s of thousands of lay off’s which has and will cut revenue to the state. No Business is going risk capitol to expand or start a new business while the state government is so unpredictable and self destructive.
    So there you have your choice to me; Brady took charge made some tough decisions and took a hit and is on a rebound. Quinn is still pointing the finger, changing his mind causing a whole heck of a lot of people problems and oh yeah blaming and going after the taxpayer.


  137. - decatar staleys - Saturday, Apr 24, 10 @ 2:24 am:

    Wow…. the bradys do not drive porsche around the bloomington-normal area.


  138. - Steve-O - Saturday, Apr 24, 10 @ 12:31 pm:

    I see Oswego Willy is still getting aroused taking pot shots at the Plummer family.

    So, if Brady’s business suffers big losses (like all businesses have), he supposed to sell off all of his personal assets to keep people on the payroll, until the entire business collapses adn then everyone is laid off? You sound like a government employee.

    And I don’t get what the hub-bub is about him not paying income taxes in a year in which he showed a negative income.

    And Rich, who cares if he loaned his campaign money in a year in which he didn’t pay income taxes? Earned income has nothing to do with personal savings.


  139. - Rich Miller - Saturday, Apr 24, 10 @ 4:58 pm:

    ===Earned income has nothing to do with personal savings.===

    He took advantage of a voluntary federal tax program for 2009. Nobody forced him not to pay taxes on the profits he earned in 09.


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