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Pritzker releases personal income tax summary, says would’ve paid $3.7 million more with “Fair Tax”

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* From the governor’s campaign…

Reporters-

Attached are the state and federal tax return summaries for JB and MK Pritzker for 2019.

With the Fair Tax in place, JB and MK Pritzker and trusts benefitting JB Pritzker would have paid approximately $10.5 million in Illinois taxes, an additional $3.7 million over what was due this year.

According to the information provided by the trustees, in 2019, trusts benefitting JB Pritzker paid $6.7 million in Illinois taxes at a rate of 6.45% and $33 million in federal taxes.

JB and MK Pritzker made $1.1 million in personal charitable donations last year.

They never disclose their trust income tax returns, just summaries of their personal returns. Click here.

…Adding… Tribune…

The records show the Pritzker and his wife, M.K., had $2.4 million in state taxable income in 2019, down from nearly $4.4 million in 2018 and nearly $55 million in 2017. The Pritzkers personally owed $118,255 in state taxes and $419,853 to the federal government in 2018, according to their returns.

But the top pages of the federal and state tax returns released by the campaign don’t paint a full picture of the couple’s vast wealth, much of which is held in domestic and offshore trusts. The trusts benefiting J.B. Pritzker, many of which were set up in the Bahamas by his grandfather, paid $6.7 million in Illinois taxes at a rate of 6.45% and $33 million in federal taxes in 2019, according to the governor’s campaign. […]

The governor also has said the rules governing his family trusts don’t permit them to be placed in a blind trust. He pledged to relinquish any decision-making power in those trusts, which he has not identified by name or location, and has said he doesn’t receive reports on their performance.

posted by Rich Miller
Thursday, Oct 15, 20 @ 4:10 pm

Comments

I am glad he did this but i really am not that big a fan of making every candidate release taxes. I believe Dirksen said he was not a second class citizen.
I would be way more interested in seeing the returns of long term politicians with “no” outside jobs that become multi millionaires

Comment by DuPage Saint Thursday, Oct 15, 20 @ 4:16 pm
Unreal. He is worth above $3.4 billion and is one of the few billionaires in the state, but his personal income is just $2.5 million? Did he also disclose how much he spends on lawyers and accountants to shelter his assets and structure his income to reduce taxes? I’m guessing he spends more per year on that than he pays in personal income taxes.

That’s why his argument that “people like him should pay their fair share” doesn’t hold water. If he really believed that, would he have a vast complex of trusts, offshore accounts, and structuring to avoid taxes?

Comment by Mixer Thursday, Oct 15, 20 @ 4:19 pm
Lol. Well that would have cleared the state’s deficit.

Comment by Anonymous Thursday, Oct 15, 20 @ 4:20 pm
4:20 was me.

Comment by Responsa Thursday, Oct 15, 20 @ 4:21 pm
Unfortunately, this ballot initiative will hurt people who make way less than him.. It was suppose to be a millionaires tax, not a few hundred K tax

Comment by NotRich Thursday, Oct 15, 20 @ 5:35 pm
So we burned through one of our eighteen billionaires and only have $3.7 million to show for it? Gulp.

Comment by City Zen Thursday, Oct 15, 20 @ 5:41 pm
He should write that check to the State Treasury….

Comment by Anonymous Thursday, Oct 15, 20 @ 5:48 pm
That tax return is shameful and embarassing. Not of Pritzker per se, but of our country that we allow a multi billionaire to pay that little in taxes.

Comment by SLoop Thursday, Oct 15, 20 @ 6:02 pm
=== not a few hundred K tax===

The top 3%…

Comment by Oswego Willy Thursday, Oct 15, 20 @ 6:43 pm
It will “hurt” 97% of Illinois more if the ballot fails.

Comment by From DaZoo Thursday, Oct 15, 20 @ 9:12 pm
Not snark, but am curious how they ended up paying more than the 4.95% flat rate. Unless they are counting IL taxes other than state income taxes.

Comment by Chicagoan Thursday, Oct 15, 20 @ 9:15 pm
==It will “hurt” 97% of Illinois more if the ballot fails.==

Only if the administration purposely chooses to not increase exemptions and tax credits.

Comment by City Zen Friday, Oct 16, 20 @ 10:21 am
==It will “hurt” 97% of Illinois more if the ballot fails.==

Only if the administration purposely chooses to not increase exemptions and tax credits.=

And index for inflation.

Comment by Unconventionalwisdom Friday, Oct 16, 20 @ 2:15 pm
=== Only if the administration purposely chooses to not increase exemptions and tax credits.=

And index for inflation.===

This wish list is fun…

Given the history, if the CA fails, they’ll bump the flat rate up, and be done with it.

Comment by Oswego Willy Friday, Oct 16, 20 @ 2:18 pm
== He should write that check to the State Treasury….==

And yet people praise other politicians for using every loophole to get their taxes to $750. You can’t have it both ways based on the guys name or party.

Comment by thoughts matter Friday, Oct 16, 20 @ 2:33 pm
=Given the history, if the CA fails, they’ll bump the flat rate up, and be done with it.=

Probably. At least that factors in inflation.

Comment by Unconventionalwisdom Friday, Oct 16, 20 @ 2:34 pm
Some history….

When the Governor first unveiled his “Fair Tax” proposal, the highest marginal rate applied only to incomes in excess of $1,000,000.

By the time the State Senate voted on the new marginal rates that will become effective if the proposal is approved, the income level to which that maximum marginal rate would be applicable had been cut in half, to $500,000.

By the time it had cleared both chambers and was on the way to the Governor’s desk, it was down to $250,000.

That’s exactly the same trend you see in other states that have a graduated tax system - as time goes forward, that highest marginal rate is no longer a “millionaire’s tax” or anything resembling such. In some cases, that “millionaire’s tax” applies the highest marginal rate to incomes of less than $100,000.

Those who take the time to read the Department of Revenue’s information regarding income tax revenue as it’s broken out by income brackets will see there’s simply not enough money at the so-called “3%” level to fuel the spending that’s underway.

Even if the 97% vs. 3% figure is accurate, that’s merely a snapshot. It’s more likely the Republicans will capture majorities in the House and Senate this year than it is the income to which the maximum rate is applicable won’t move down significantly in the next few years.

Then people will be looking over to the Capitol (again), saying “they sold us a bill of goods….again.”

Comment by Quenton Cassidy Friday, Oct 16, 20 @ 4:17 pm
=== Even if the 97% vs. 3% figure is accurate, that’s merely a snapshot.===

… and that’s what’s on the ballot.

The rest of your bluster has been “asked and answered”

They can raise taxes at any time, passage or not.

=== than it is the income to which the maximum rate is applicable won’t move down significantly in the next few years.===

The earliest maybe/possibly is 2023.

The governor will do all he can to run on the 97% number… which means cuts to a budget, or more revenue like gambling or weed.

Comment by Oswego Willy Friday, Oct 16, 20 @ 4:21 pm