Tax Returns Show Over $ 6 Million In Gross Revenue For Pritzkers | Illinois
SPRINGFIELD – Governor JB Pritzker and his wife, MK Pritzker, reported more than $ 6 million in gross income last year, of which about $ 5.5 million was taxable federally, according to a nine-page summary of 2018 state and federal tax returns released by his campaign on Tuesday.
The governor’s campaign, however, did not release any tax return documents regarding the Pritzker trust funds. The only information on the trusts was contained in a single sentence in the email that distributed the summary of personal income tax returns.
According to information provided by the Trustees, in 2018, the JB Pritzker Benefit Trusts paid an additional $ 5.3 million in Illinois taxes at a rate of 6.45% and $ 29 million in federal taxes, “the campaign said in the email.
The tax return summaries also lacked supporting forms that would have offered more information on some of the total income streams and deductions.
The Pritzker campaign email touted the governor’s signature tax review proposal, claiming that the Pritzkers and Family Benefit Trusts would have paid an additional $ 2.8 million in state taxes under of the proposed graduated tax rates.
Progressive income tax will be on the ballot statewide for the November 2020 election. If the governor-backed proposal passes, an already approved rate structure will take effect, increasing the rate. taxing those who earn more than $ 250,000 while keeping it the same or lowering it for those earning less than that amount.
The Pritzkers would pay the maximum rate of 7.99% under the proposed progressive tax, meaning the family and their trusts would have paid $ 8.3 million in state taxes in total, according to the e- mail.
Income from the Pritzkers appears to show around $ 2 million in taxable interest, $ 2.5 million in ordinary dividends, and $ 1.5 million in additional income, of which at least $ 1.3 million was in a line titled “State taxable refunds, credits or offsets and local income taxes.
The gross income shown on the forms is approximately $ 6.2 million. An amount of $ 1.8 million is subtracted from state taxable income on the forms, but the details of that subtraction are included in a supplemental Schedule M form that was not released on Tuesday.
This makes the state’s tax rate of 4.95% applicable to about $ 4.3 million of their income, according to the documents. That means the Pritzkers paid $ 215,885 in state income tax on their personal income, not counting trusts, according to the documents.
Also according to the email, the Pritzkers paid a federal tax rate of 33.99% in 2018. That’s just over $ 2 million in federal taxes. The email also states that the Pritzkers made $ 464,000 in personal charitable donations last year.
The preparer on the tax return is listed as Deloitte Tax LLP, a company in Columbus, Ohio.