Boston mayoral candidate Josh Kraft says he made $6.3M final yr, however gained’t launch tax return

Boston mayoral candidate Josh Kraft reported $6.3 million in revenue final yr, per a monetary abstract supplied by his marketing campaign, however the specifics of the place his cash got here from stays unclear provided that he declined to launch his tax return.

Kraft, son of the billionaire New England Patriots proprietor Robert Kraft, on Friday supplied the primary glimpse of his monetary data since launching his mayoral marketing campaign — a couple of week after Mayor Michelle Wu known as on him to launch his 2024 tax return to disclose any monetary pursuits or enterprise “entanglements.”

“Today, Josh is providing an accurate picture of his personal finances based on the past two years of tax filings, including total annual income and charitable donations, as well as state and federal income tax payments,” Kraft marketing campaign spokesperson Eileen O’Connor mentioned in a press release. “In truth, the data being shared at the moment is way past what’s legally required for a candidate.

“Josh has been clear with the public that he was born into privilege, and that his family’s success has allowed him to pursue a career of community service and nonprofit work, primarily in the neighborhoods of Boston,” O’Connor added.

The Kraft marketing campaign declined to offer his 2024 tax returns, that are on a six-month extension via the Oct. 15 IRS submitting deadline, however did present a short abstract of his whole revenue, $6.3 million, charitable contributions, $269,000, and estimated federal and state taxes, at $2.06 million and $510,000, respectively.

He paid 41% of his revenue in state and federal taxes, the Kraft marketing campaign mentioned, including that Wu paid simply 17% in revenue taxes final yr and made no charitable contributions.

A monetary abstract was additionally supplied for his 2023 tax returns, which he equally declined to launch, regardless of their accomplished filings. In 2023, Kraft’s reported revenue was barely larger than final yr, at $6.495 million.

His charitable contributions, a tax deduction, have been larger, at $297,000. He paid much less in federal and state revenue taxes, at $1.83 million and $358,000, respectively.

The Kraft marketing campaign declined to offer specifics about the place his revenue was coming from, solely saying in response to Herald inquiries that it “consists of salary, interest, dividends and capital gains.”

“We are not disclosing specific amounts of each,” O’Connor mentioned.

Kraft stepped down from his place as head of his household’s charitable arm, the New England Patriots Basis, after launching his mayoral marketing campaign this previous February.

Publicly obtainable 990 kinds present that Kraft was not paid a wage in recent times as head of his household’s charitable basis. His marketing campaign mentioned he did absorb a wage whereas working as president of the New England Patriots Basis in 2023 and 2024, however didn’t say what he was paid.

Kraft served in an identical executive-level position previous to taking the helm of his household’s philanthropic arm. He drew a roughly $350,000 wage as head of the Boys and Ladies Golf equipment of Boston in fiscal yr 2020, in keeping with publicly obtainable 990 kinds.

Kraft not too long ago dipped into his private checking account to place $2 million into his mayoral marketing campaign, saying this previous Could that he wanted to take action, given that he’s “going against the power of incumbency.” He mentioned he has had simply 4 months to fundraise, whereas Wu “has had four years to raise money.”

His father, Robert Kraft, chairman and CEO of the Kraft Group, has a internet price of $11.8 billion.

Kraft launched his partial monetary data amid public strain that intensified over the previous two weeks.

Wu, who in Could launched her 2024 tax return displaying that she made $184,241 in federal adjusted gross revenue final yr, a majority of which got here from her $207,000 mayoral wage, publicly known as on Kraft to launch his tax returns and monetary data final week and once more on Wednesday.

The mayor accused her opponent of attempting to “hide” his enterprise pursuits and “entanglements” that she sees as probably impacting his capability to successfully function town’s mayor, whereas pointing specifically to the Kraft Group’s plan to construct a soccer stadium in Everett, amid tense negotiations with the Metropolis of Boston.

The Wu marketing campaign criticized Kraft’s determination to not launch his full tax return.

“The mayor of Boston should work for the people of Boston and no one else, without hidden financial interests, conflicts, and entanglements,” the Wu marketing campaign mentioned Friday in a press release. “Mayor Wu has released her full and complete financials every year for the last 12 years. Josh Kraft promised to do so months ago, and we’re still waiting.”

Kraft has acknowledged that he would recuse himself from town’s Everett stadium negotiations, however his obvious connection to the New England Revolution, the skilled soccer group set to play there might complicate issues for him.

The Wu administration is searching for additional mitigation from the Kraft Group over site visitors and parking impacts the brand new stadium might have on the close by Charlestown neighborhood. The 2 sides are in mediation after failing to achieve an settlement on a previous mitigation package deal provided by the Krafts.

A 2015 authorized submitting exhibits Josh Kraft might be a part of a succession plan to inherit possession of the New England Revolution, which at the moment shares use of Gillette Stadium with the Patriots. The 2 groups and stadium are owned by Kraft’s father.