Tax returns released yesterday show Republican gubernatorial nominee Darren Bailey endured major financial ups and downs on his downstate farm during the past five years, including two years of net losses.
Those losses came during the pandemic, but Bailey's top-earning year in 2018 yielded more than $200,000 in adjusted gross income. That income came on top of hundreds of thousands of dollars in federal farm subsidies Bailey and his wife received since 2017.
Bailey's campaign released five years of tax returns — reversing an earlier decision to keep them private. A day after winning the GOP primary, the downstate farmer told the Sun-Times he would not be releasing any of his returns. He was also asked if he was a millionaire.
"I have farm ground," Bailey said in June. "So yeah, I guess that's a fair statement."
But since that time, Bailey has styled himself publicly as a candidate of the working class, taking every opportunity to criticize the incumbent governor as out of touch with the financial problems of the populace.
Yesterday, Bailey, also a state senator, released the first two pages of his tax returns for each year. In 2017, the Baileys reported $1,776 in adjusted gross income and no taxable income.
Their adjusted gross income jumped to $211,108 in 2018 — as Darren Bailey was elected to the Illinois House and could count two incomes. Illinois state representatives made $67,836 in 2018. The Baileys listed their taxable income at $132,416.
In 2019, the Baileys reported $189,029 in adjusted gross income. Of that, $111,599 was taxable.
The next two years, the Baileys reported negative income on their tax returns. In 2020, when Bailey moved to the Illinois Senate, the couple reported a deficit of $164,961 and no taxable income. In 2021, the Baileys reported an adjusted gross income deficit of $99,264 and no taxable income.
"Everything Darren Bailey owns is tied up in the land," campaign spokesman Joe DeBose said of his candidate's tax filings. "There's a big difference between a man who built a family farm with his bare hands and a billionaire who inherited a trust fund."
Bailey has acknowledged farming more than 12,000 acres of downstate farmland, but his campaign would not disclose the actual amount of acreage the Baileys own. Some portion of the total Bailey farms is in partnership with other landowners.
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