Posted by Tribune staff at 1:40 p.m.; updated at 4:28 p.m.
Republican governor candidate Bill Brady’s income fell from more than half a million dollars a year in 2004 to less than $120,000 last year as his family home building business struggles along with the housing market, his campaign said today.
Brady’s adjusted gross income was $558,798 in 2004, but fell to $119,910 in 2009, his campaign said in a news release. Brady reported a loss in 2008 of $116,679.
Brady also paid no federal income tax in 2008 and 2009, according to a campaign news release. He paid nearly $41,700 in federal taxes in 2007, $1,228 in 2006 and $124,255 in 2005, according to the campaign.
The downstate senator from Bloomington said on Thursday that his returns would reflect the recession’s impact.
"They will show that my family business is struggling in an economy that
has been a burden on all businesses in Illinois. It has not been good,"
said Brady, whose construction business made him wealthy during the boom years of the
1990s.
Responding to pressure from Democratic Gov. Pat Quinn to release his tax
returns, Brady is making them available to reporters at his Springfield
campaign headquarters for three hours this afternoon.
Quinn released his tax returns earlier this week. Quinn reported an adjusted gross income of $157,122 in 2009, including
his salary as governor, interest income and withdrawal from his pension
account. He paid $27,547 in federal income tax and $4,468 in state
income tax. Quinn became governor in late January after his two time running mate, Gov. Rod Blagojevich, was
impeached and removed by the General Assembly.