By Jamey Dunn
The Republican candidate for governor, state Sen. Bill Brady, made his tax returns availed to reporters for three hours today.
He paid no federal or state taxes in 2008 and no federal tax in 2009. He paid $3,309 in state taxes last year. Brady took advantage of a 2009 federal provision geared at helping small businesses make it through the recession by allowing the sale of assets.
In 2004, Brady’s gross income was more than $550,000. He suffered a loss of more than $115,000 in 2008, and last year, his gross income was almost $120,000.
Brady’s construction and realty businesses have taken a hit during the recession and collapse of the housing market. According to a news release issued by the campaign, tough financial times resulted in employee layoffs and downsizing. "One of the reasons I'm running for governor is so that others don't have to face the anguish of job loss and dislocation that too many in our family company have," Brady said in the release. "I've seen the harsh effects of the old politics in real lives, and I know what a pro-growth environment can mean for workers."
Gov. Pat Quinn publicly called for Brady to release his returns earlier this week after releasing his own. Quinn’s gross income for last year was more than $150,000. He paid $27,547 in federal taxes and $4,468 in state taxes.
Brady said he decided to let reporters view his tax returns to keep the issue from becoming a “distraction” in the campaign.