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“Tiny” is a relative word, I suppose

Thursday, Oct 11, 2018

* Background is here and here. From the Tribune

Rauner also bristled when asked about his personal and family foundation investments in offshore tax havens following a Tribune report Wednesday dealing with the financial holdings of the governor and Pritzker. The Tribune found that Rauner’s family foundation invested more than $10 million in a Cayman Islands fund after he became governor, that he has personal investments in three offshore funds, and that his former private equity firm was a “top client” of a major law firm that provides offshore legal services.

Asked if it was hypocritical to attack Pritzker’s offshore holdings while also having money parked offshore, Rauner sought to distance his “tiny” financial dealings from Pritzker’s more extensive investments.

Rauner defended his personal offshore investments, which includes two funds registered at the Ugland House in Grand Cayman, the listed address for thousands of companies and investment funds. Former President Barack Obama once criticized the place as a tax haven.

“I have investments all over the world, but mostly in America, and what I don’t do is cheat on my taxes,” Rauner said.

Pritzker has said money from the offshore trusts goes to his charity, the Pritzker Family Foundation. He also has said his trusts have paid tens of millions of dollars in state and federal taxes.

- Posted by Rich Miller        

30 Comments
  1. - wordslinger - Thursday, Oct 11, 18 @ 1:22 pm:

    Rich people problems.

    You knew Rauner goin’ all po-boy attackin’ Pritzker’s money would come back to bite.


  2. - DuPage - Thursday, Oct 11, 18 @ 1:26 pm:

    ===what I don’t do is cheat on my taxes,” Rauner said.===

    Declaring multiple properties homesteads is outright cheating and against the law.


  3. - Jocko - Thursday, Oct 11, 18 @ 1:29 pm:

    ==I have investments all over the world, but mostly in America, and what I don’t do is cheat on my taxes.==

    How would he know? Last time it came up (on 1/22/15) he assured us that everything was tied up in a blind trust. /s


  4. - 47th Ward - Thursday, Oct 11, 18 @ 1:30 pm:

    Governor, before you go, can I ask a tiny favor?


  5. - Just saying - Thursday, Oct 11, 18 @ 1:37 pm:

    His accountants cheat on his taxes for him on his behalf so I guess he is right, HE doesn’t cheat on his taxes.


  6. - Anonymous - Thursday, Oct 11, 18 @ 1:40 pm:

    Money from his offshore accounts go to charity? Is that why money from Moreau Capital Holdings Ltd was used to buy lamd in Chicago for his Entertainment Cruises?


  7. - Retired Educator - Thursday, Oct 11, 18 @ 1:43 pm:

    Pot meet Kettle. This the glass house syndrome.


  8. - Retired Educator - Thursday, Oct 11, 18 @ 1:43 pm:

    Pot meet Kettle. This is the glass house syndrome.


  9. - Retired Educator - Thursday, Oct 11, 18 @ 1:45 pm:

    Sorry about double post. I saw a typo, and tried to fix it.


  10. - JoanP - Thursday, Oct 11, 18 @ 1:49 pm:

    Wish I had Rauner’s “tiny” investments. Heck, I wish I had the interest on the interest on his “tiny” investments.

    The man is clueless.


  11. - Anonish - Thursday, Oct 11, 18 @ 1:54 pm:

    It is good and worthwhile reporting, but am I only one who find it questionable that the Trib didn’t dig into Rauner’s money stuff until Pritzker ran?


  12. - JS Mill - Thursday, Oct 11, 18 @ 1:56 pm:

    =Rauner sought to distance his “tiny” financial dealings from Pritzker’s more extensive investments.=

    Oh, now I get it. It is all about size? (snark intended)

    So it is only cheating if it is a really, really lot of money?

    He really believes everyone is dumb.


  13. - G'Kar - Thursday, Oct 11, 18 @ 1:58 pm:

    “I have investments all over the world, but mostly in America, and what I don’t do is cheat on my taxes except when I claim multiple homestead exemptions,” Rauner said.–There, I fixed it for him.


  14. - Stuntman Bob's Brother - Thursday, Oct 11, 18 @ 2:04 pm:

    He doesn’t cheat on his taxes because he doesn’t “need” to cheat on his taxes, the 50,000 pages of Federal tax code are already tipped so far in favor of the mega-rich, it’s already baked in. The same is true for Pritzker.

    Trump made some pretty bold promises on the tax code, but other than the “reform” package which mostly nibbled around the edges, what exactly was done to drain the swamp?

    The same is true when it comes to Illinois - if a brazillionaire does not declare income as income, how can the state tax it? So the whole Pritzer schtick of “I only want to raise taxes on people like the Governor and myself” is hot air. Question for the candidates: How much wealth is under your control, how much did it increase in value in 2017, and what is the ratio of the tax you paid to the actual increase of your wealth? Betcha it wasn’t anywhere close to five percent.


  15. - Ok - Thursday, Oct 11, 18 @ 2:10 pm:

    Rauner feels he is Middle Class. It’s the only thing that makes sense.


  16. - Streator Curmudgeon - Thursday, Oct 11, 18 @ 2:13 pm:

    ==“I have investments all over the world, but mostly in America, and what I don’t do is cheat on my taxes,” Rauner said.==

    Because his Swedish grandparents taught him to be honest.


  17. - Stumpy's bunker - Thursday, Oct 11, 18 @ 2:14 pm:

    I wonder if Rauner’s “tiny” investments would be enough to reopen Haymarket chemical dependency unit, cover MAP grants for some kid who could have a lot to contribute, and the losses of some public sector employee surprised to hear he/she has been declared to be Part of The Problem?


  18. - anon2 - Thursday, Oct 11, 18 @ 2:19 pm:

    Rauner is attacking JB for being richer than he is. During the debate Rauner called JB a trust fund baby. Yet it’s Rauner who doesn’t want to make our tax system slightly less regressive by making those who can most afford it pay more.


  19. - Anonymous - Thursday, Oct 11, 18 @ 2:21 pm:

    Is it possible foro non-mega-millionaires to even run for an office? Seems like having great wealth is a prerequisite for office holding, yet we’re shocked at the wealth they have.


  20. - Downstate - Thursday, Oct 11, 18 @ 2:22 pm:

    But only one of our candidates was engaged in a scheme to defraud.


  21. - Anonymous - Thursday, Oct 11, 18 @ 2:41 pm:

    ==Is it possible foro non-mega-millionaires to even run for an office?==

    Yes. Every other candidate for statewide office is a non-mega-millionaire. Most (all?) congressional candidates too.


  22. - jim - Thursday, Oct 11, 18 @ 2:45 pm:

    It’s OK for JB to have money invested overseas, but it’s not OK for rauner to do the same thing.


  23. - wordslinger - Thursday, Oct 11, 18 @ 2:48 pm:

    –… but am I only one who find it questionable that the Trib didn’t dig into Rauner’s money stuff until Pritzker ran?–

    I’m thinking Ferro’s exit is a more likely explanation.


  24. - 37B - Thursday, Oct 11, 18 @ 2:49 pm:

    With a nod to Winston Churchill, we’ve established who both candidates are and “Now we are haggling about the price.”


  25. - AlfondoGonz - Thursday, Oct 11, 18 @ 2:52 pm:

    “I received a small load of $1000000 dollars…”


  26. - Huh? - Thursday, Oct 11, 18 @ 3:02 pm:

    “feels he is Middle Class.”

    Well, compared to JB …


  27. - JS Mill - Thursday, Oct 11, 18 @ 3:56 pm:

    =But only one of our candidates was engaged in a scheme to defraud.=

    Touche.

    But really, it is an accusation. And IRRC, JB is not named.


  28. - Biker - Thursday, Oct 11, 18 @ 5:16 pm:

    Is Rauner offended that JB is a class traitor? I understand that FDR was lambasted by his wealthy contemporaries for similar reasons.


  29. - 47Chief - Thursday, Oct 11, 18 @ 8:32 pm:

    To use an analogy the Rauner team will understand, if one person robs a bank of $10, and one robs a bank of $100, they are both bank robbers.


  30. - theCardinal - Thursday, Oct 11, 18 @ 8:41 pm:

    Both guys are rich and out of touch with most people, one of them worked his way up the other inherited his wealth… its how you treat people that counts.


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* Reader comments closed until Tuesday
* *** UPDATED x1 *** Tribune asked 16 mayoral candidates to release tax returns, 6 complied
* A rough idea of what they're looking at
* Question of the day: Golden Horseshoe Awards
* Rauner was wrong about "record levels" of unionization
* SUBSCRIBERS ONLY: Stava-Murray updates
* Pritzker's inauguration ball tix will benefit Cabrini Green Legal Aid Clinic and Illinois Fairgrounds Foundation
* Rauner claims he's been too busy to reflect on his term
* Pritzker's day in DC
* *** UPDATED x3 - Morrison wants emergency meeting of ILGOP - McConnaughay explains - Schneider responds *** Rauner says he tried to drop out of race after primary
* Feds re-raid Ald. Burke's office
* *** LIVE COVERAGE ***
* Yesterday's stories

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