* From a press release…
A new animated video released by the Quinn for Illinois campaign explains exactly why strategies used by people like Republican billionaire Bruce Rauner to shelter their money in the Cayman Islands have a direct impact on taxes, services and economic growth right here in Illinois.
Produced by Austin-based animator Kristen Maxwell and Michael Brandl, an economist at the Ohio State University’s Fisher College of Business, the 4:30-minute video dives into questions surrounding private equity, and the ways the super-wealthy manipulate their advantages to the detriment of Illinois.
The video shows the three main effects Cayman Islands schemes have on everyday Illinoisans:
1. It raises their tax burden because labor, unlike capital, can’t easily go to the Caymans.
2. It leads to cuts because of tax revenue lost to the Caymans.
3. It takes investment dollars out of the Illinois economy - leading to a loss in potential growth here.
* Have a look…