Boston Mayor Michelle Wu has disclosed her 2024 tax returns, revealing a total income exceeding $184,000 for the past year. Nearly all of this income originated from her mayoral salary, which stands at $207,000 annually.
In her tax filing, Wu reported a federal adjusted gross income of $184,241. Her revenue streams included tax breaks from filing jointly with her husband, along with credits for their two young children.
In addition to her salary, Wu reported an extra $6,558 in income, attributed to the resale of her Boston Celtics season tickets for various games in 2024.
Wu’s commitment to financial transparency is evident as she emphasized accountability in her statement to the Herald. “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,” she stated.
The mayor’s tax benefits included $4,000 in child tax credits for her two dependent sons, alongside an $8,800 personal exemption from filing jointly with her husband, Conor Pewarski. The couple welcomed a third child in January 2024.
For those filing as married, the personal exemption decreases significantly if filing separately, which is valued at $4,400. Wu’s husband, Pewarski, remains unemployed and has not reported additional income in their joint filing.
Formerly a banker, Pewarski has taken on the role of a stay-at-home father since Wu assumed the mayoralty in late 2021. In addition to her tax returns, Wu has also filed a financial disclosure form for 2024 with City Hall, detailing the financial assets and debts of her family.
The couple has reported holding approximately $450,000 in investment accounts. These accounts are diversified, principally in an individual retirement account and 529 college savings accounts.
A significant portion of their retirement savings is invested in index funds, such as those tracking the S&P 500 or Nasdaq 100. Furthermore, 529 accounts are managed by Fidelity, reflecting a focus on future educational expenses for their children.
On the debt front, Wu indicated that she owes about $17,000 in student loans to the Department of Education and has a mortgage of $447,000 associated with a $552,000 loan from Rockland Trust. This mortgage pertains to their two-family residence located in Roslindale, with a noteworthy interest rate of 3.125%, maturing in 2046.
Wu and her husband own no additional real estate beyond their home, nor do they possess any trusts according to information released by her campaign. Their family vehicle is a leased 2025 Honda Prologue, with the lease set to terminate in 2027.
The release of Wu’s financial information comes at a time when she is facing scrutiny from her main opponent, Josh Kraft. Wu has publicly criticized Kraft, emphasizing the financial backing from his affluent family in his mayoral campaign.
Josh Kraft is the son of Robert Kraft, the billionaire owner of the New England Patriots, and has yet to release his own tax forms amidst these discussions. Eileen O’Connor, a representative for the Kraft campaign, has indicated that Kraft plans to disclose information concerning his tax returns in the near future.
Recently, Kraft invested $2 million of his personal wealth into his campaign, remarking that he needed to bolster his efforts against Wu’s incumbent presence. He underscored the difficulty he faces with only four months available to fundraise, compared to Wu’s four years of fundraising time.
Prior to leaving his position as head of the Boys and Girls Clubs of Boston, Kraft was earning approximately $350,000 during the fiscal year 2020. His compensation has diminished in recent years, particularly during his tenure at the New England Patriots Charitable Foundation, led by his family.
The financial disparity noted in the campaigns may influence the upcoming mayoral election in Boston, as the candidates continue to navigate their respective financial disclosures and engage voters while focusing on transparency and accountability.
image source from：https://www.bostonherald.com/2025/05/31/boston-mayor-michelle-wu-releases-tax-forms-josh-kraft-yet-to-disclose-his/
