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Boston Globe

Amid reelection campaign, Boston Mayor Wu releases 2024 tax return, annual financial disclosure

'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 said in a statement to the Globe. Wu also released her tax return during the 2021 mayoral race. Kraft told the Globe when he launched his campaign that he would release his tax returns, which his team seemingly confirmed in a statement to the Globe Wednesday. Advertisement 'Josh Kraft intends to release information related to his tax returns in the near future,' wrote Kraft spokesperson Eileen O'Connor in the statement. Kraft's campaign also confirmed to the Globe that Kraft intends to inject about $2 million of his own money into his campaign, which was first reported by Politico Massachusetts. That contrast in their backgrounds was emphasized in Wu's tax returns and other financial forms her campaign shared with the Globe Wednesday, on the condition that the Globe not publish the documents themselves. Advertisement The vast majority of Wu's income came from her mayoral salary, which she reported as $207,000 on her 2024 financial disclosure form she is required to file with the city clerk's office every year. Her campaign told the Globe that amount includes about $29,500 that went towards her pension contributions, health insurance premium deductions, and an MBTA transit pass, all of which are pre-tax contributions and not included in federal gross income. Wu also reported additional income of just under $6,600 on her tax return, which her campaign said is the profit from reselling Celtics season tickets to various games last year. Wu filed a joint tax return in 2024 with her The couple's tax return shows they claimed child tax credits for their two young sons, Blaise and Cass, and the standard deduction for married couples. They did not report any additional income other than what they made from reselling the Celtics tickets, or any charitable donations. They paid a total of around $32,400 in federal and state taxes in 2024, or roughly 17.6 percent of their federal gross income, and are receiving a total of about $3,500 in refunds from the federal and state governments. The only assets listed on Wu's financial disclosure form with the city, aside from their home, were several index funds and stocks her husband owns. Wu's campaign told the Globe that the total value of those investments is roughly $450,000. They comprise individual retirement accounts, the vast majority of which are invested in either S&P 500 or Nasdaq 100 index funds, and 529 college savings accounts for their children, which are managed by Fidelity. Advertisement Wu and her husband still owe a total of $17,000 in student loans to the Department of Education, and together lease a 2025 Honda Prologue, her campaign said. They do not own or stand to benefit from any trusts or real estate besides their home in Roslindale, according to the Wu campaign. Wu also included mortgage information for their Boston home, which she reported was valued at $806,100, on the city financial disclosure form. The median household income in Massachusetts was about $101,300 in 2023, Wu has repeatedly emphasized Kraft's wealthy background throughout the campaign, pointing out that Kraft only moved within the city's boundaries in the fall of 2023, after an LLC connected to the Patriots purchased a condo in the North End. Kraft later listed that address on his voter registration. During the campaign, Kraft has highlighted the decades he spent working in nonprofits in the city, including leading the Boys & Girls Club of Boston. So far, Kraft has raised just under $925,500, and had nearly $152,000 in cash on hand at the end of April. Wu had about $2.2 million in cash on hand at the end of the same period. A Advertisement Wu's team has highlighted that spending in recent fundraising emails, with subject lines including 'Our city is NOT for sale,' and 'We don't have personal millions,' since Tuesday. Emma Platoff of the Globe staff contributed to this report. Niki Griswold can be reached at