Chicago Tribune Editorial: Not enough, Mr. Brady

Chicago Tribune Editorial: Not enough, Mr. Brady
Copyright © 2010, Chicago Tribune
6:13 p.m. CDT, April 28, 2010
http://www.chicagotribune.com/news/opinion/editorials/ct-edit-brady-20100428,0,3202162.story


Republican state Sen. Bill Brady, who wants to be governor, gave reporters three hours to scrutinize his tax returns Friday. The reporters had to travel to Brady's Springfield campaign office and couldn't make copies of the tax documents. Brady didn't really want to show his tax returns at all, but he gave in to pressure and staged the now-you-see-them-now-you-don't viewing.

And now everybody knows why he didn't want to show off his returns. They reveal that he paid no federal or state income tax in 2008 and no federal income tax in 2009.

Brady's adjusted gross income in 2008 was a negative $116,679 —business losses more than offset his salary as a senator. He had an adjusted gross income of nearly $120,000 in 2009, yet still didn't owe federal taxes. He paid $3,309 in state taxes that year.

Brady offers a plausible explanation. He is in the home-building business in Bloomington, and business plummeted the last couple of years. He took advantage of a provision in federal stimulus law aimed at helping small businesses through favorable tax treatment.

As far as we can tell, Brady did nothing illegal or unethical. He took advantage of legitimate tax deductions, credits and exemptions, including the provision designed to help businesses ride out the economic storm. As far as we can tell.

But questions are going to linger as long as everyone has to rely on that three-hour peek at his tax returns. He needs to release the returns. No time limits. No conditions. Get them out there and level with voters. Answer all the questions they raise.

There will be questions. Brady is the Republican nominee for governor. He's going to be in a robust debate with Gov. Pat Quinn about state taxes. He's going to be hampered in this debate if folks are left wondering why he didn't pay taxes.

Candidate Brady touts his business experience, and — just like Alexi Giannoulias and Broadway Bank — he's going to get questions about his successes and failures in business.

Brady's family businesses have had good years and bad years, and his tax returns reflect that. His adjusted gross income in 2004 was nearly $559,000, and he paid more than $158,000 in federal taxes and $16,622 in state taxes that year.

We like the fact that Brady knows what's involved in running a business, making a payroll, dealing with government rules and regulations. It's good experience, sorely needed in a state that has lagged behind the rest of the country in job creation.

But put all the information out there, Mr. Brady. Release copies of your tax returns.