Boston Mayor Michelle Wu banked greater than $184,000 final 12 months, almost all of which got here from her $207,000 mayoral wage, based on the 2024 tax return she launched this week by way of her marketing campaign.
Wu made $184,241 in federal adjusted gross revenue final 12 months, benefitting from various tax breaks that got here from submitting collectively along with her husband, receiving tax credit for 2 of her younger youngsters, and holding almost half one million {dollars} in funding accounts as a part of a married couple, per her tax type and a monetary breakdown supplied by her marketing campaign.
The mayor stated she was releasing her tax type within the spirit of democratic transparency. Her monetary kinds had been launched to the Herald on the situation that they not be printed.
“I’ve provided a full and complete accounting of my family’s financial interests, and I expect my fellow candidates will honor our democratic process and be just as transparent,” Wu stated in an announcement to the Herald.
Wu is paid a $207,000 annual wage as mayor. She reported $6,558 in extra revenue final 12 months, per her tax type, which was beforehand reported by the Boston Globe. Her marketing campaign stated that extra revenue got here from Wu reselling her Boston Celtics season tickets to numerous video games in 2024.
The mayor obtained $4,000 in little one tax credit for her two younger sons, who had been claimed as dependents on her 2024 tax type, and benefited from an $8,800 private exemption for submitting collectively along with her husband, Conor Pewarski. The couple’s third little one was born this previous January.
These submitting as married, however individually from their partner, obtain a private exemption of $4,400, the identical exemption as a single filer, per the state web site.
Pewarski is unemployed, and thus, the one revenue reported of their joint submitting was from the mayor. Wu’s husband is a former banker who has been a stay-at-home father since she turned mayor within the fall of 2021.
Wu additionally supplied her monetary disclosure type for 2024, filed with Metropolis Corridor previously week, which lists investments and debt held by the mayor and her husband.
Their investments are held in a person retirement account, generally referred to by the IRA initialism, and 529 faculty financial savings accounts. The mixture worth of these accounts is roughly $450,000, per the Wu marketing campaign.
A majority of the mayor’s retirement account is invested in both S&P 500 or Nasdaq 100 index funds, whereas 529 funds are managed by Constancy.
The mayor owes roughly $17,000 in scholar loans to the Division of Schooling.
Wu and her husband owe $447,000 of a $552,000 mortgage from Rockland Belief on their two-family Roslindale dwelling. The mortgage is totally amortizing at a 3.125% rate of interest and matures in 2046, per her monetary disclosure.
The couple owns no different actual property in addition to their private dwelling in Boston, nor are they trustees or beneficiaries of any trusts of any nature, Wu’s marketing campaign stated.
Wu and her husband lease a 2025 Honda Prologue from Parkway Honda in West Roxbury. The lease expires in 2027, her marketing campaign stated.
Although the assertion she launched alongside her tax type didn’t point out him by title, Wu has criticized Josh Kraft, seen as her principal opponent, for what she sees as his rich household’s try to purchase him the mayoral election.
Kraft, a son of the billionaire New England Patriots proprietor Robert Kraft and longtime philanthropist, has so far declined to supply his tax kinds.
Eileen O’Connor, a spokesperson for the Kraft marketing campaign, stated the marketing campaign wouldn’t be releasing his tax paperwork this week.
“Josh Kraft intends to release information related to his tax returns in the near future,” O’Connor stated in an announcement to the Herald.
Kraft just lately dipped into his private checking account to put $2 million into his marketing campaign, telling reporters after final Wednesday’s mayoral discussion board that he wanted to take action, given that he’s “going against the power of incumbency.” He stated he has had simply 4 months to fundraise, whereas Wu “has had four years to raise money.”
Earlier than departing his position as head of the Boys and Women Golf equipment of Boston, Kraft drew a roughly $350,000 wage in fiscal 12 months 2020. He was not paid a wage lately as head of the New England Patriots Charitable Basis, his household’s philanthropic arm, based on publicly accessible 990 kinds.
His father, Robert Kraft, chairman and CEO of the Kraft Group, has a web price of $11.8 billion.
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