Pritzkers tax returns: $18.5 million in taxable income, $4.7 million in federal taxes

Gov. JB Pritzker and First Lady of Illinois MK MK Pritzker said they earned more than $18.5 million in adjusted gross income last year – a big increase from the $5.1 million in dollars brought in by the billionaire couple in 2020.

On Friday, Pritzker’s campaign released partial state and federal tax returns for 2021, which also show the Pritzkers paid $4,733,028 in federal taxes and $883,780 in state taxes.

They reported an adjusted gross income of $18,509,268 on both tax summary sheets.

The Democratic governor’s campaign also said trusts benefiting Pritzker paid $14.6 million in Illinois taxes and $68.6 million in federal taxes in 2021. The Pritzkers made $1.07 million in dollars in personal charitable giving last year.

Pritzker’s personal taxable income has fallen since he entered public life, largely because of these trusts. Just before taking office, Pritzker placed the bulk of his investments in a ‘blind trust’, meaning he would still make money on the investments, but would be removed from decision-making. and management of personal assets.

A Better Government Association investigation in February described what the BGA called “weaknesses” in the so-called blind trust, revealing that Northern Trust, appointed by Pritzker to independently manage its portfolio to avoid disputes interest, bought shares of Centene Corp., one of the state’s largest Medicaid contractors in 2020. His campaign said Pritzker was not part of any of the blind trust’s decisions and was not receiving any information about its investments.

So far, Pritzker has pumped $110 million into his re-election campaign. In 2018, Pritzker broke records by pouring $171 million of his fortune into his 2018 bid to oust Republican Gov. Bruce Rauner, a battle that turned out to be one of the most expensive gubernatorial races in the world. American history.

In 2017, Pritzker reported nearly $34.5 million in taxable income and paid $15.6 million in taxes – $14.8 million to the federal government and $811,816 to the state – at a rate by 36.2%.

Democratic candidate JB Pritzker, left, and Republican Governor Bruce Rauner, right, face off during a debate in 2018.

The governor’s net worth as of Friday was $3.6 billion, according to Forbes, and has grown by about $400 million since taking office in 2019. Pritzker ranks 822 on Forbes’ 2022 list of billionaires. of the world.

Pritzker’s Republican challenger, State Sen. Darren Bailey, released summaries of his last five tax returns in September, which showed he had suffered major financial ups and downs at his farm in southern India. State over the past five years, including two years of net losses.

In 2017, the Baileys reported adjusted gross income of $1,776 and no taxable income. Their adjusted gross income increased to $211,108 in 2018. In 2019, the Baileys reported an adjusted gross income of $189,029. Of this amount, $111,599 was taxable. For the next two years, the Baileys reported negative income on their tax returns.

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