* From an e-mail…
Why does a billionaire who has already pumped $21m into his own political campaign need nearly $2m in tax credits to diminish investment risk at the expense of taxpayers?
This story just piles on JB’s pattern of shady choices that serve his own interests at the expense of everyone else:
* JB was caught on FBI wiretaps asking Blago to make JB State Treasurer
* JB bought a $3.7 million mansion which JB made “uninhabitable” by removing toilets to get a $230,000 property tax break
* JB donated $100,000 to Blago’s campaign and 4 days later a charity JB was the chief fundraiser for got $1 million in state tax dollars
* JB calling Barack Obama mediocre and not committing to vote for him
Also, the underlying pay-to-play themes are strong in this recent story about his angel investment tax credit, especially given that everyone knows Madigan is behind the scenes supporting JB’s campaign:
* JB wrote $82,000 in campaign contributions using TNDP LLC’s checkbook (the same company that got the tax credit) in 2016 to Mike Madigan’s political committees and his chosen candidates.
* Madigan voted for the legislation creating the state’s angel investment tax credit - 97th GA HB2955 & 96th GA SB2093
And, let’s add this to the list of JB-Rauner connections:
* From the story in question…
Here’s an issue on which rich Republican Gov. Bruce Rauner and J.B. Pritzker —by far the wealthiest of the Democrats aiming to unseat Rauner next year — find common ground.
Both Rauner and Pritzker are fans of a state tax-credit program for rich investors in startup companies in Illinois.
In fact, Pritzker is more than just a supporter of the program — the venture capitalist has profited handsomely from it.
Pritzker’s companies have gotten tax credits worth more than $1.9 million over four years through the Illinois Angel Investment Tax Credit program, records show.
As he did when his big property-tax breaks were revealed earlier this year, Pritzker says he’s merely availed himself of what the law offers him.
“It diminished a little bit of a very high risk,” Pritzker says of the tax credits his companies got. “This is one way I believe we, as Democrats, should stand up for job creation.”
Illinois tech types have long had a problem with finding investors. This tax credit was designed to help remedy that situation by making investments more palatable. Often, the people who are looking for money have nothing but an idea. It’s been quite successful.