Capitol - Your Illinois News Radar » *** UPDATED x1 - Biss: Pritzker and Kennedy “hiding” info from the people *** Pritzker releases three years of tax return “summaries,” Kennedy releases one year
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*** UPDATED x1 - Biss: Pritzker and Kennedy “hiding” info from the people *** Pritzker releases three years of tax return “summaries,” Kennedy releases one year

Monday, Nov 27, 2017

* Pritzker campaign…

Reporters – Attached are the state and federal tax return summaries for JB Pritzker from 2014 to 2016.

In 2014, JB Pritzker paid federal taxes at a rate of 37.3%, in 2015 he paid federal taxes at a rate of 24.3% and in 2016 he paid federal taxes at a rate of 27.7%.

Between 2014 and 2016, trusts benefitting JB Pritzker paid an additional $24.95 million in Illinois taxes and $128.97 million in federal taxes.

JB Pritzker has made $15.3 million in personal charitable donations and his Foundation has made charitable donations of $53.8 million over the same period of time.

The disclosed returns are here.

Pritzker reported an adjusted gross income last year of $14.95 million. He spent that on his campaign in just a few months this year. You’ll recall that Sen. Daniel Biss had demanded that Pritzker release his full returns. That obviously didn’t happen today and he didn’t disclose much of anything related to his trust income. Considering that Pritzker’s income was so low compared to his alleged net worth of $3.4 billion, you can probably expect an uproar in 3… 2…

* Meanwhile, from the Chris Kennedy campaign…

After filing his petitions and statement of financial disclosure today, Chris Kennedy, Democratic candidate for Governor, took the additional step of public disclosure by releasing federal and state tax return information.

His spokeswoman, Rebecca O’Halloran Evans, released the following statement:

“As promised, Chris Kennedy has gone above and beyond the disclosure requirements in this race for governor by providing his state and federal tax return information for review. The people of Illinois deserve openness and integrity in their government.”

Click here and here. Kennedy also just released the top pages and, unlike Pritzker, he only disclosed his 2016 return. Kennedy reported an adjusted gross income of $1.2 million. He paid $174K in federal taxes on that, giving him an effective federal tax rate of 15 percent because Kennedy took $809K in itemized deductions. He didn’t disclose what those deductions were, however.

*** UPDATE ***  Biss campaign…

Today, Daniel Biss released the following statement in response to JB Pritzker and Chris Kennedy’s failure to fulfill their pledge to fully release their tax returns:

“Nearly eight months ago, JB Pritzker and Chris Kennedy pledged to release their tax returns, acknowledging that voters have a right to know how candidates make their money, what financial entanglements they may have, and how much they pay in taxes. After months of hiding their releases, using the same excuses we hear from Donald Trump, today both failed to live up to their promise. A short summary from only a year or two doesn’t give a full picture - it only raises more questions. Voters deserve an explanation of why it took so long to release so little, and what Pritzker and Kennedy are hiding from the people whose trust they are asking for.”

…Adding… One other thing to note is Kennedy’s family has a trust fund, but Kennedy’s disclosures don’t say if he received any money from them or paid any taxes on that cash.

- Posted by Rich Miller        

  1. - 47th Ward - Monday, Nov 27, 17 @ 3:45 pm:

    ===Considering that Pritzker’s income was so low ($14.95 million) compared to his alleged net worth of $3.4 billion, you can probably expect an uproar in 3… 2…===

    The primary point of candidates’ releasing tax return info is so that voters have a sense of how they make their money. I think it is pretty well known how Pritzker made the vast majority of his reported net worth.

    But yeah, Biss demanded to see the full returns and now he’s going to be disappointed. I have a feeling this won’t be the last time Biss is disappointed.

  2. - CatAttack - Monday, Nov 27, 17 @ 3:46 pm:

    “Above and beyond” is sure a low bar for Kennedy to claim…even Pritzker did better!

  3. - SaulGoodman - Monday, Nov 27, 17 @ 3:48 pm:

    “it’s complicated” - said JB Pritzker.

    What, exactly, was complicated about blacking out a few names/numbers?

  4. - Oswego Willy - Monday, Nov 27, 17 @ 3:51 pm:

    Goal posts on roller skates?


  5. - Anonymous - Monday, Nov 27, 17 @ 3:53 pm:

    Both these guys are super wealthy, and couldn’t find staffers capable of releasing a couple pages of past returns in MONTHS?

    If that’s their idea of “complicated,” how are they going to find people able to run a whole state?

  6. - Texas Red - Monday, Nov 27, 17 @ 3:56 pm:

    much ado about nothing - a persons income and charitable giving are indicative of nothing. I never understood why the press/pubic gets so worked up about what is essentially private personal information.

  7. - Fixer - Monday, Nov 27, 17 @ 3:59 pm:

    I just don’t understand the fixation that folks have with seeing the tax returns of candidates for office. Seems to be more pressing issues than how much someone made in a year at hand, especially in IL.

    If you do agree to it, though, follow through. Not doing so damages the trust of voters and makes for an easy oppo piece.

  8. - City Zen - Monday, Nov 27, 17 @ 4:00 pm:

    “In 2014, JB Pritzker paid federal taxes at a rate of 37.3%”

    In 2014, JB Pritzker paid state taxes at a rate of 0.0%.

  9. - Not Quite Zen - Monday, Nov 27, 17 @ 4:04 pm:

    City Zen,

    You might want to read that again. It says he paid 145,269 in state tax in 2014.

  10. - DuPage Saint - Monday, Nov 27, 17 @ 4:06 pm:

    I do not think people should be hounded into showing their tax returns. Who they do business with maybe.
    However, I have another reason why I wish they did not release their tax returns: Jealousy

  11. - City Zen - Monday, Nov 27, 17 @ 4:13 pm:

    Other Zen, if I may paraphrase the venerable Daryl Hall, believe it or not there’s life after after Line 15 of IL-1040.

  12. - Scott - Monday, Nov 27, 17 @ 4:14 pm:

    Is this what we have to look forward to from Biss? Crying about tax returns instead of actually focusing on the issues. The issue obviously doesn’t poll that well or else the others would have shown more or presented then earlier. Same boring rhetoric from Biss.

  13. - DuPage Bard - Monday, Nov 27, 17 @ 4:27 pm:

    Looks like this is ending in a thud. Who cares?

  14. - JS Mill - Monday, Nov 27, 17 @ 4:29 pm:

    =If that’s their idea of “complicated,” how are they going to find people able to run a whole state?=

    LOL, maybe they just didn’t want to share more. It isn’t a requirement. Just ask Rauner. He was less than forthcoming when he ran. At this point I don’t even care until Trump releases his.

  15. - Anonymous - Monday, Nov 27, 17 @ 4:30 pm:

    Biss waving a copy of his 1040 EZ forms for the last 10 years isn’t going to help much.

  16. - Sue - Monday, Nov 27, 17 @ 4:34 pm:

    Pritzker can’t be all that swift if his annual income is 15 milliliter and his net worth is 2 billion plus. Something ain’t right here in terms of his disclosures

  17. - wordslinger - Monday, Nov 27, 17 @ 4:37 pm:

    Meh, Biss’ statements are not important.

    But his filing for the race is significant in that it helps JB and hurts Kennedy.

    JBs money and organization support will be tough to beat in a crowded primary.

  18. - Juice - Monday, Nov 27, 17 @ 5:05 pm:

    Sue, notice how the Pritzker campaign didn’t say how much the trust earned, just how much it paid in taxes? That’s where the bulk of his income is.

  19. - wordslinger - Monday, Nov 27, 17 @ 5:08 pm:

    –Pritzker can’t be all that swift if his annual income is 15 milliliter and his net worth is 2 billion plus.–

    What would you mean by that, if you were making an attempt to be coherent?

  20. - Trapped in the ‘burbs - Monday, Nov 27, 17 @ 5:14 pm:

    So, a guy born into comfortable circumstances is whining about two guys born into great wealth. Nobody said it would be easy to become governor but Biss is becoming irrelevant. Now, he can enter the private sector and try to make more money.

  21. - West Wing - Monday, Nov 27, 17 @ 5:14 pm:

    Kennedy collecting signatures from 102 counties is a sign of grassroots strength … good sign of political strength.

  22. - Touré's Latte - Monday, Nov 27, 17 @ 5:47 pm:

    The fascination with tax returns seems gawkish. Maybe they can be made to open up their homes so we can all go in and look around for a couple hours on a Sunday afternoon.

  23. - wordslinger - Monday, Nov 27, 17 @ 5:54 pm:

    –The fascination with tax returns seems gawkish.–

    I don’t know about gawkish. I’m pretty sure it’s to see if rich candidates pay taxes like regular schmucks.

  24. - crockett - Monday, Nov 27, 17 @ 6:09 pm:

    With all the attention paid to his property tax assessments, he didn’t claim a property tax credit (Schedule ICR) for any of the years filed.

  25. - Sue - Monday, Nov 27, 17 @ 6:56 pm:

    Juice - assuming J.B. is the beneficiary of the Trusts- the income should flow thruvtovhis 1040. If Pritzker is paying tax at the Trust rate as opposed to taking the income on Scedule E- he needs to hire a new accountant

  26. - Teddy - Monday, Nov 27, 17 @ 6:59 pm:

    How could Pritzker have only made $15 million? He’d make more than that if all he got was a 1% return from a savings account.

  27. - Ducky LaMoore - Monday, Nov 27, 17 @ 7:07 pm:

    I really can’t believe Biss is still this unbelievably whiny this far in. Gosh dude, give it a rest and stand for something more than class warfare.

  28. - Frankly - Monday, Nov 27, 17 @ 7:14 pm:

    If they have nothing to hide why not release the whole thing?

  29. - jus - Monday, Nov 27, 17 @ 7:57 pm:

    Any income from the trust received by JBP have to be reported on line 17 of his federal returns. The trust paid a lot of federal & State taxes There could be other beneficiaries of the trust besides JBP too.

    Although 2016 returns weren’t due until 10/15/17 candidates could disclose 2014 & 2015 returns earlier.

  30. - David - Monday, Nov 27, 17 @ 8:25 pm:

    It’s says the trusts that benefit him. Based on trust rate that would be 100 million a year.Perhaps he does not take it out but that level of income is compatable with 3 plus billion plus he controls a foundation with about 500 million in it. Forbes counts trust control so they are spot on with him. The schedule cs must be his side ventures

  31. - wordslinger - Monday, Nov 27, 17 @ 8:28 pm:

    Sue, you can’t write a coherent sentence but you’re giving financial advice to billionaires. Hilarious.

  32. - Juice - Monday, Nov 27, 17 @ 10:19 pm:

    Sue, the tax owed from the trusts only gets reported on his 1040 if the income from the trusts is distributed. If he chooses not to do so for whatever reason and the income stays within the trusts, that is what is responsible for paying the taxes. And not sure what you mean by trust tax rates, but my guess is that his income is high enough that the difference is marginal.

  33. - Thomas Paine - Tuesday, Nov 28, 17 @ 7:53 am:

    Amazon made $5 billion in sales on friday and Jeff Bezos’ net worth increased $2.5 billion as stock soared.

    And practically everybody seems to be on board with offering Bezos $2 billion in govt subsidies to open an HQ in Illinois.

    Yet instead of focusing on this real and tangible example of how powerful corporate interests hold sway over governments, Daniel Biss continues to attack JB Pritzker because he was born with a lottery ticket in his hand.

    We all know JB was born lucky. JB knows he was born lucky. He has also faced his share of tragedy. We should judge his character on what he made of those life experiences, not the things he had no control over. When you judge people based on accidents of birth, whether it is skin color, wealth or poverty, gender identity, that is prejudice, and prejudice should not be driving Democratic Party nominations.

  34. - Emanuel Collective - Tuesday, Nov 28, 17 @ 1:30 pm:

    The irony: the real Thomas Paine called for a massive tax on the wealthy to prevent dynasties hoarding and relying on hereditary wealth.

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