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Billionaire governor and spouse reported just $2.2 million in federally taxable personal income last year

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* From the governor’s campaign…

Attached are the state and federal tax return summaries for JB and MK Pritzker for 2020.

According to the information provided by the trustees, in 2020, trusts benefitting JB Pritzker paid $16.3 million in Illinois taxes and $69.6 million in federal taxes.

JB and MK Pritzker made $2.8 million in personal charitable donations last year.

They never disclose much of anything about the trusts, so we have to take their word for it.

Anyway, click here to see what they are willing to disclose.

…Adding… Good stuff here…

posted by Rich Miller
Friday, Oct 15, 21 @ 1:17 pm

Comments

1. This has been one heck of a Friday news dump day.

   Maps, money, and misdirection

   Comment by Oswego Willy Friday, Oct 15, 21 @ 1:39 pm

2. I am sure they pay their fair share in taxes.

   Comment by Captain Obvious Friday, Oct 15, 21 @ 1:50 pm

3. Offshore trusts his grandfather set up. Forbes had an article about it when Penny was commerce secretary. Very convenient for tax avoidance and because IRS closed the loopholes it can never be replicated.

   Comment by bullfrogvino Friday, Oct 15, 21 @ 2:00 pm

4. Not surprised, that like Trump, full tax returns not disclosed.
   Trump and Pritzker are two sides of the same coin.
   All the news of billionaires paying a far less percentage of taxes than the average middle class taxpayer have been showing up for years.
   The leaders of our political parties should require these Kings of Tax Avoidance to disclose their tax returns if they want party members to support them.
   It is hard to figure what loopholes these folks are using, but full disclosure would at least give a middle class taxpayer a chance to see exactly in dollars and cents how they were being taken advantage of.

   Comment by Back to the Future Friday, Oct 15, 21 @ 2:09 pm

5. ==I am sure they pay their fair share in taxes.==
   I have yet to be convinced any billionaire pays what I consider their fair share of taxes.

   Comment by Bruce( no not him) Friday, Oct 15, 21 @ 2:09 pm

6. The trust must be getting whopping federal tax breaks. A 16m tax bill for Illinois should translate into 320M if it was ordinary income at the federal level. Their actual federal tax is 69m, or only 20 percent overall tax rate. Wonder how many green energy tax credits they took?

   Comment by Gee Friday, Oct 15, 21 @ 2:10 pm

7. Be nice to just have the taxes he paid as my income. However I still don’t think that people who run for office should have to disclose their income but once they are elected they should have to disclose every penny they make and every thing they invest in. And their immediate family too

   Comment by DuPage Saint Friday, Oct 15, 21 @ 2:18 pm

8. ===because IRS closed the loopholes it can never be replicated. ===

   Closed the loophole, but Congress grandfathered the Pritzker family in.

   Comment by Rich Miller Friday, Oct 15, 21 @ 2:21 pm

9. ==Very convenient for tax avoidance and because IRS closed the loopholes it can never be replicated==

   The Pritzker trusts cannot be diminished or impaired.

   Comment by City Zen Friday, Oct 15, 21 @ 2:25 pm

10. Rich are you saying that Congress grandfathered just the Pritzker family, or the older type of trust used by the Pritzker family and other similar rich folks??

    Comment by Friendly Bob Adams Friday, Oct 15, 21 @ 2:49 pm

11. Nothing to see here folks the real issue is with Jesse Sullivan’s business interests

    Comment by Lucky Pierre Friday, Oct 15, 21 @ 3:51 pm

12. Good to see he is leading by example and paying his fair share

    Comment by ;) Friday, Oct 15, 21 @ 3:53 pm

13. The tax system is broken. Pritzker tried to raise his own state taxes and a bunch of us shot it down.

    I know that wouldn’t fix the carried interest and capital gains tax rate problems, but I imagine he’s paying his taxes according to the rules.

    Comment by Lefty Lefty Friday, Oct 15, 21 @ 4:39 pm

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Previous Post: 15,669 new cases over the past week; 54 percent of all Illinoisans fully vaxed; 1,500 hospitalized; 341 in ICU; 2.5 percent test positivity rate
Next Post: The Tribune takes a look at Jesse Sullivan’s background

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