* 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…
Adjusted Gross Income: $119,910
Taxable Income: $ 49,733
Federal Tax Paid $ -
State Tax Paid: $ 3,309
Adjusted Gross Income: ($116,679)
Taxable Income: $ -
Federal Tax Paid: $ -
State Tax Paid: $ -
Adjusted Gross Income: $372,355
Taxable Income: $318,796
Federal Tax Paid: $ 41,699
State Tax Paid: $ 10,802
Adjusted Gross Income: $130,326
Taxable Income: $ 24,551
Federal Tax Paid: $ 1,228
State Tax Paid: $ 3,610
Adjusted Gross Income $549,685
Taxable Income $466,314
Federal Tax Paid: $124,255
State Tax Paid: $ 20,058
Adjusted Gross Income: $558,798
Taxable Income: $495,517
Federal Tax Paid: $158,454
State Tax Paid: $ 16,622
…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.