Bailey Tax Returns Show Multiple Years of Farm Losses
GOP gubernatorial nominee Sen. Darren Bailey (R-Xenia) released his tax returns to The Illinoize Wednesday night.
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GOP gubernatorial nominee Sen. Darren Bailey (R-Xenia) lost six figures in farm income twice in the past five years, but made six figures in two other years, according to five years of federal tax returns shared with The Illinoize.
Bailey’s campaign provided two page federal 1040 forms from 2017-2021 Wednesday evening:
2017: Reported about $86,000 in personal income with a write off of with about $67,000 in farm losses and net operating losses for a total income of $18,710. The form shows they paid around $25,000 in federal income taxes. Total adjusted income was $1,776.
2018: Total income of $240,000 ($132,000 taxable). Paid around $44,000 in federal income taxes.
2019: Total income around $217,000 ($111,500 taxable). Paid around $24,000 in federal income taxes.
2020: About $70,000 in personal income (legislative salary), with $231,000 in losses in business or farm income. Total income was $-165,000, and with a total income in the loss, his federal tax was $0.
2021: About $81,000 in personal income and around $168,000 in losses. Total income was $-90,000. He paid about $18,000 in federal income taxes.
More than half of farmers lost money every year between 2013-2020, so some down years aren’t unexpected. These will clearly pale in comparison to the numbers the Governor’s billions in assets. The Bailey campaign only released summary pages and did not explain whether the losses were cash losses or through federal depreciation schedules on farm equipment and assets.
His Statement of Economic Interest filed with the Secretary of State (assets worth more than $10,000) include farmland, a Dollar General store, and a building in Clay County. He wrote he has received capital gains from Bailey Family Farm, LLC. He does not list any personal debt.