The move comes after Democratic Gov. Pat Quinn and running mate
Sheila Simon released their 2009 tax returns to reporters earlier
Quinn had criticized his gubernatorial opponent for not releasing
his tax documents earlier.
But Jason Barickman, personal and campaign attorney for Brady, said
the Bloomington state senator has a lot of business partners and
interests that could suffer with the release of his tax information.
"By providing information on the financial status of his businesses,
we are opening the door to (Brady's) competitors to have information
that in no other circumstance would be available to them. He's
chosen to release that to his own detriment," he said.
Brady's adjusted gross income has fallen by nearly $440,000 in the
last six years, which the Brady campaign attributes to the difficult
economic climate for small businesses. Brady's family owns a house
building business in Bloomington.
Brady's 2009 tax returns indicate he brought in an adjusted gross
income of $119,910, which includes his wages as a state senator, his
share of business assets sold, as well as overall gains in his
business interests and rental properties.
Brady did not have to pay any federal taxes in 2009 because his
taxable income as a small-business owner did not reach a threshold
set in the federal stimulus bill, according to Barickman.
Brady did not have to pay any state or federal taxes in 2008 because
he incurred an overall loss of $116,679. That year, Brady's business
interests dropped $389,500 in value.
The Brady campaign claims the struggles in the housing industry and
the national economy are to blame for the drop in adjusted gross
In 2004 and 2005, Brady claimed an adjusted gross income of more
than half-a-million dollars each year.
[to top of second column]
The Quinn campaign criticized Brady for not making his tax returns
more permanently available.
"This sounds more like a glimpse of Haley’s Comet or of a solar
eclipse than the full disclosure the public deserves," the Quinn
campaign said in a statement.
Quinn reported an adjusted gross income of $157,122 for 2009, which
included his wages as governor, some interest income and some
withdrawal from his pension fund.
Quinn paid $27,457 in federal income taxes and $4,468 in state
income taxes in 2009.
Brady and Quinn will square off in November's general election for
the state's highest office.
Statehouse News; By KEVIN LEE]