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

Then Democratic candidate J.B. Pritzker hugs his wife M.K. Pritzker in 2018.

Ashlee Rezin/Sun-Times file

Gov. J.B. Pritzker and Illinois first lady M.K. Pritzker reported earning more than $18.5 million in adjusted gross income last year — a hefty bump from the $5.1 million the billionaire couple reported in 2020. 

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

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

The campaign also said trusts benefitting Pritzker paid $14.6 million in Illinois taxes and $68.6 million in federal taxes in 2021. The Pritzkers also made $1.07 million in personal charitable donations last year. 

Pritzker’s personal taxable income has dropped since he’s entered public life, largely because of those trusts. Just before taking office, Pritzker placed the bulk of his investments into a “blind trust,” meaning he would still make money off the investments, but he would be removed from decision making and from managing his personal assets.

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 of 36.2%.

So far, Pritzker has pumped $110 million into his reelection campaign. In 2018, Pritzker broke records when he churned $171 million of his fortune into his 2018 bid to oust then Republican Gov. Bruce Rauner, a battle that went down as one of the most expensive gubernatorial races in American history.

The governor’s net worth as of Friday was $3.6 billion, according to Forbes, and increased by an estimated $400 million since he took office in 2019.

Pritzker’s Republican challenger state Sen. Darren Bailey in September released summaries of his last five tax returns, which showed he endured major financial ups and downs on his downstate farm during the past five years, including two years of net losses.

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via Chicago Sun-Times – All

October 14, 2022 at 04:59PM

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