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* From the governor’s campaign…
Attached are the state and federal tax return summaries for JB and MK Pritzker for 2018.
In 2018, JB and MK Pritzker paid federal taxes at a rate of 33.99%.
JB and MK Pritzker made $464,000 in personal charitable donations last year.
According to the information provided by the trustees, in 2018, trusts benefitting JB Pritzker paid an additional $5.3 million in Illinois taxes at a rate of 6.45% and $29 million in federal taxes.
With the Fair Tax in place, JB and MK Pritzker and trusts benefitting JB Pritzker would have paid $8.3 million in Illinois taxes, an additional $2.8 million over what was due this year.
He didn’t include the tax returns for the trusts.
I asked about the $1.8+ million “subtraction” to their state taxable income, which is supposedly on a “Schedule M” that wasn’t included. I was told by a spokesperson that this is “federal taxable income from other states that is deductible in Illinois.” He’s apparently done this on previous returns.
posted by Rich Miller
Tuesday, Oct 15, 19 @ 3:24 pm
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Tax returns don’t disclose your assets. This is why I’ve always thought the idea that Trump didn’t want his tax returns disclosed because he was afraid they would find he wasn’t that wealthy to be misguided. And when you have a lot of trusts that pay for various things, the 1040 is even less revealing.
Comment by DD Tuesday, Oct 15, 19 @ 3:43 pm
Headline says $6 MILLION in taxable income but he paid $5.3 and $29 million in state and federal taxes?
Seems like taxable income figure is low.
Comment by don the legend Tuesday, Oct 15, 19 @ 3:48 pm
The TRUSTS paid…. My bad. So Sorry.
Comment by don the legend Tuesday, Oct 15, 19 @ 3:49 pm
He didn’t include the tax returns for the trusts.
You buried the lede
Combining the trusts with personal income totals $11.3 million, which would make him the 9th highest salary on the Cubs, even though his personal fortune is $3.4 billion dollars.
If JB’s assets wealth were a pension fund, the taxable income would be 1/3 of 1%.
JB is a fatally flawed messenger for the wealthy paying their fair share, he doesn’t.
Comment by Lucky Pierre Tuesday, Oct 15, 19 @ 3:53 pm
Obvious campaign headline here in the next cycle.
Comment by Glengarry Tuesday, Oct 15, 19 @ 3:55 pm
“JB is a fatally flawed messenger for the wealthy paying their fair share, he doesn’t.”
Are you advocating for a wealth tax?
Comment by DD Tuesday, Oct 15, 19 @ 4:15 pm
=== He didn’t include the tax returns for the trusts.
You buried the lede
Combining the trusts with personal income totals $11.3 million, which would make him the 9th highest salary on the Cubs, even though his personal fortune is $3.4 billion dollars.
If JB’s assets wealth were a pension fund, the taxable income would be 1/3 of 1%.
JB is a fatally flawed messenger for the wealthy paying their fair share, he doesn’t.===
… and you think labor makes “too much” in prevailing wage.
You’re a strange bird;
The wealthy needs to pay more, organized labor needs to make less.
Comment by Oswego Willy Tuesday, Oct 15, 19 @ 4:17 pm
Trust income has be declining. It’s a sign of old wealth. Capital Gains income inn the form of carried interest is sign of Wall Street. It seemed to be most of Rauners income.
Comment by Not a Billionaire Tuesday, Oct 15, 19 @ 5:58 pm
Why doesn’t he put his money where his mouth is and donate the $2.8 million to Illinois? Or at least to a relevant charity?
Comment by Phil King Wednesday, Oct 16, 19 @ 1:35 am
=== Why doesn’t he put his money where his mouth is and donate…===
The Pritzkers already saved The Ounce of Prevention for Diana Rauner and Illinois from Bruce Rauner.
That’s putting money and mouth together. The symbolism alone is noteworthy.
Comment by Oswego Willy Wednesday, Oct 16, 19 @ 8:11 am