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Forbes: Gov. Pritzker is 6th wealthiest Illinoisan

Friday, Oct 11, 2019

* Tina…


According to Forbes, Gov. Pritzker’s wealth ranks 4th out of 9 family members on the list.

* The governor is the 6th wealthiest Illinoisan. Ken Griffin tops the list at $12.7 billion followed by Sam Zell at $5.5 billion, then Tom Pritzker at $4 billion, power broker Neil Bluhm at $3.9 billion and former Morningstar CEO Joe Mansueto at $3.9 billion.

Rounding out the Illinois list are insurance magnate Patrick Ryan at $3.3 billion, Guggenheim Partners CEO Mark Walter at $3.3 billion, Beanie Babies creator Ty Warner at $2.9 billion, Groupon founder Eric Lefkofsky at $2.8 billion, Penny Pritzker at $2.8 billion and Koch Foods’ Joseph Grendys at $2.5 billion.

- Posted by Rich Miller        

59 Comments
  1. - Steve - Friday, Oct 11, 19 @ 9:45 am:

    Governor Pritzker is welcome to give up more of his wealth to the state of Illinois in the name of equity and inclusion without a progressive income tax. Nothing is stopping him.


  2. - Scamp640 - Friday, Oct 11, 19 @ 9:50 am:

    @ Steve: He is proposing to do just as you suggest with his effort to promote a progressive income tax structure in Illinois. However, you are wrong to suggest nothing is stopping him. Republicans are working very hard to discredit the idea of a progressive state income tax.


  3. - Rich Miller - Friday, Oct 11, 19 @ 9:52 am:

    ===is welcome to give up more of his wealth to the state of Illinois===

    He kinda already has. Subsidizing employee pay, Thompson Center rehab, funding a DCFS director search, mansion rehab, etc.


  4. - JS Mill - Friday, Oct 11, 19 @ 9:53 am:

    =give up more of his wealth to the state of Illinois in the name of equity and inclusion without a progressive income tax.=

    Yes @Steve, the good lord knows we must protect the wealthy. They are so incredibly unfairly treated, the most unfairly ever in fact. People tell me that al the time. /s


  5. - efudd - Friday, Oct 11, 19 @ 9:53 am:

    Steve, Pritzker’s philanthropy is quite evident through out Chicago. His progressive income tax is in line with most states that have progressive income tax.
    I get you’re a troll. But man, you’re thick as a tree.


  6. - Ike - Friday, Oct 11, 19 @ 9:53 am:

    Sounds like Steve supports a millionaire tax


  7. - Grandson of Man - Friday, Oct 11, 19 @ 9:57 am:

    Gov. Pritzker is a such a different person than the anti-union, pro-austerity right wing billionaires. So different than the last governor, who could retire a couple of thousands of times over but stews in hatred over the union rights of middle class workers.


  8. - Romeo - Friday, Oct 11, 19 @ 9:57 am:

    A progressive income tax will not mean anything to me (Decrease from 4.95% to 4.9%) when my local property taxes (currently $7k and growing) continue to skyrocket.

    Unless there is something written into the bill that freezes property tax rates, this will do nothing for me (a 0.05% decrease is less than $3 a month for me).


  9. - Nagidam - Friday, Oct 11, 19 @ 9:58 am:

    The Gov is quite refreshing. He is a billionaire but seems by all accounts approachable. I don’t agree with all he is doing but he is at least working towards a goal unlike the previous administration. If his goals work then great. If not there will be plenty of Monday morning quarterbacks. The point being pick a path and follow it.


  10. - Steve - Friday, Oct 11, 19 @ 10:00 am:

    Rich:

    The Governor has done much. No doubt. I’m just saying with his kind of wealth: if he and other progressive billionaires voluntary gave more it would really help. It wouldn’t change his standard of living.


  11. - Oswego Willy - Friday, Oct 11, 19 @ 10:02 am:

    Oh - Steve -, LOL

    When The Ounce of Prevention needed funding when Bruce Rauner was starving social services…

    …Diana Rauner…

    … turned to the Pritzkers for help, and the Pritzker family delivered.

    You are a confusing sort - Steve -


  12. - Oswego Willy - Friday, Oct 11, 19 @ 10:03 am:

    - Romeo -

    How are your public schools?


  13. - Lucky Pierre - Friday, Oct 11, 19 @ 10:05 am:

    Its sure takes some “creative accounting” and chutzpah to only declare income of $15 million in 2017 (from a $3.4 billion fortune) and lecture about the wealthy (250K?) paying their fair share.


  14. - Evanstonian - Friday, Oct 11, 19 @ 10:06 am:

    Very healthy society we have. I think it’s great we allow wealth to concentrate in a few families.


  15. - Original Rambler - Friday, Oct 11, 19 @ 10:06 am:

    Romeo, what the progressive income tax is doing is keeping your taxes from increasing to 7%…at least.


  16. - Original Rambler - Friday, Oct 11, 19 @ 10:08 am:

    Griffin worth $12.7B. I hope this is the moment that the Board of MSI realizes what a bad deal they made selling naming rights for only $125M.


  17. - Norseman - Friday, Oct 11, 19 @ 10:09 am:

    === Beanie Babies creator Ty Warner at $2.9 billion ===

    I’m still waiting for that wealth due us from all the Beanie Babies my wife bought with the understanding they were a good investment.


  18. - Oswego Willy - Friday, Oct 11, 19 @ 10:10 am:

    - Lucky Pierre -

    Your concern for the “average Joe” is noted.

    It’s laughable, but noted.

    You can’t complain about the wealthy and “fair share” and then also be against prevailing wage.

    You want the wealthy to pay more, but union workers to make less?

    Huh?


  19. - City Zen - Friday, Oct 11, 19 @ 10:12 am:

    ==Nothing is stopping him.==

    We need a “Would you like to pay more?” box on the IL-1040, similar to those donation prompts in the check-out line. Let them earmark that money too: Lower Ed, Higher Ed, Social Services, JB’s highly paid staff…


  20. - Henry Francis - Friday, Oct 11, 19 @ 10:12 am:

    Hey Steve, I see Ken Griffin has almost 4 times the wealth of JB. Here’s a deal. For every dollar of his wealth you get him to give up to the state in the name of equity and inclusion, I’ll get JB to match him at 40%, well above his pro rata share.

    One catch though, no naming rights.


  21. - City Zen - Friday, Oct 11, 19 @ 10:17 am:

    ==I see Ken Griffin has almost 4 times the wealth of JB.==

    Are you arguing Ken Griffin’s father should have been more, um, prolific?


  22. - Demoralized - Friday, Oct 11, 19 @ 10:25 am:

    LP:

    Your issue is with the tax laws then.

    But if you want to take the argument to the people that you don’t think a small percentage of higher income earners shouldn’t pay more taxes then go for it. I’m not sure that’s the winning argument when arguing against a progressive income tax.

    Of course I wouldn’t expect logic out of you.


  23. - Anonymous - Friday, Oct 11, 19 @ 10:26 am:

    I wish the outrage at this incredible wealth matched the outrage at salaries/ benefits/pensions earned by hard working public servants. But no.


  24. - Oswego Willy - Friday, Oct 11, 19 @ 10:28 am:

    ===I wish the outrage at this incredible wealth matched the outrage at salaries/ benefits/pensions earned by hard working public servants. But no.===

    Is that you, Bruce Rauner?


  25. - My New Handle - Friday, Oct 11, 19 @ 10:44 am:

    Forbes ought to rank the unwealthiest Illinoisans.


  26. - Gruntled University Employee - Friday, Oct 11, 19 @ 10:46 am:

    Just to put it into perspective, if you made $5,000 ever day for the next 500 years you still wouldn’t have a Billion dollars. Let that sink in.


  27. - DarkDante - Friday, Oct 11, 19 @ 10:47 am:

    ==A progressive income tax will not mean anything to me (Decrease from 4.95% to 4.9%) ==

    This isn’t quite true. You will work your way through the lower brackets first; the first $10k will be taxed at 4.75%, so your combined tax rate with be below even the 4.9% rate you list. Will it be a big difference? No-about $50 a year. But it is a tax cut, and the revenue it generates will help fund state pay-in to the new education funding model, which will help slow/stop property tax increases (as school districts account for the vast majority of local property taxes).


  28. - R A T - Friday, Oct 11, 19 @ 10:51 am:

    “if he and other progressive billionaires voluntary gave more it would really help”

    But ….
    if all billionaires gave more it would really, really help

    The free-ride should end according to my friend Steve because he knows that “really help” is not as good as “really, really help.”


  29. - Pundent - Friday, Oct 11, 19 @ 10:56 am:

    ==A progressive income tax will not mean anything to me (Decrease from 4.95% to 4.9%) ==

    A progressive income tax will mean that you won’t see your rate go up (at least in the short term). That’s the alternative. This isn’t either an increase vs. no increase. It’s simply a way of minimizing the number of individuals who have to pay the state more (again in the short term).


  30. - Louis G Atsaves - Friday, Oct 11, 19 @ 11:00 am:

    Interesting reaction to wealthy donors again on this site. Last week, the vast majority of commentators sneered at Griffin’s stupendous donation to the Museum of Science and Industry. Rauner’s charitable donations, including those made for mansion repairs, seems to be ignored, or ridiculed by ridiculer in chief Oswego Willie. Pritzker and Pritzker family donations are not subject to any ridicule or sneering? In my opinion, no such donation should be sneered at. I seem to hold the minority view on this issue.

    For the record, I remain an admirer of all donors to charities or good causes, no matter what political affiliations or views they have.


  31. - Lester Holt’s Mustache - Friday, Oct 11, 19 @ 11:05 am:

    This list doesn’t make any sense. Didn’t Lucky and counselor atsaves and all the other raunerbots here tell us that these people were all going to move to Florida or Texas when taxes went up? Surely these wealthy people no longer live in Illinois…..


  32. - Oswego Willy - Friday, Oct 11, 19 @ 11:06 am:

    ===For the record, I remain an admirer of all donors to charities or good causes, no matter what political affiliations or views they have.===

    Good for you Louie, LOL

    ===Rauner’s charitable donations, including those made for mansion repairs, seems to be ignored, or ridiculed by ridiculer in chief Oswego Willie.===

    Oh Louie, I thanked the Rauners each and every time. If you’d like, I can mock you by listing them, but you like the rest of Raunerites peddle in misinformation and lunacy.

    Lemme know when you want me to show you where I thanked them.

    I’ll also put up where Diana Rauner thanked the Pritzkers for saving The Ounce of Prevention from Bruce… also when Bruce was calling Pritzker all sorts of names.

    You stay classy Louie, your family made out well during the Rauner years, good on you too.


  33. - City Zen - Friday, Oct 11, 19 @ 11:06 am:

    When billionaires donate, we all donate, as we subsidize their massive tax write-off.


  34. - Demoralized - Friday, Oct 11, 19 @ 11:48 am:

    == I seem to hold the minority view on this issue.==

    No, you seem to, once again, want to play the victim.

    ==sneered at Griffin’s stupendous donation==

    I don’t recall anyone sneering at Griffin’s donations. If you recall the question was about re-naming the museum. Being against re-naming the museum does not translate into sneering about the donation.

    Perhaps one day you’ll be able to comment without acting like a victim.


  35. - Former State Worker - Friday, Oct 11, 19 @ 11:48 am:

    =When billionaires donate, we all donate, as we subsidize their massive tax write-off.=

    Oh please. They aren’t getting a dollar for dollar deduction when they donate to charity. It simply reduces their effective tax rate since it is an itemized deduction.

    Unless you believe that the wealthy should stop donating to charities then I don’t know why you’d have an issue with this.

    C Corporations also get to report charitable deductions on Line 19 of the US 1120. Maybe the IRC should be corrected to disallow this? This actually impacts state tax since the IL-1120 starts with the FTI. The individual deductions aren’t part of the AGI (Line 1 of the IL-1040).


  36. - Rudiforte - Friday, Oct 11, 19 @ 11:49 am:

    Right, because a family in Chicago making $300k is the same as a billionaire.


  37. - Oswego Willy - Friday, Oct 11, 19 @ 11:51 am:

    ===because a family in Chicago making $300k is the same as a billionaire.===

    That family is *in* the top 3%, so there’s that.

    You ever figure out how TIFs work or you need more reading material, lol


  38. - Former State Worker - Friday, Oct 11, 19 @ 11:57 am:

    =Right, because a family in Chicago making $300k is the same as a billionaire.=

    They would be taxed at a different rate than a billionaire. The proposed top rate is a flat tax of 7.95% for those with incomes over $1 million. A family making $300k will be taxed at a lower rate.


  39. - Stuntman Bob's Brother - Friday, Oct 11, 19 @ 12:05 pm:

    Old Italian Proverb (or so they say):
    “When the chess game is over, the King and the Pawn go back into the same box”.

    During the game, though…


  40. - RNUG - Friday, Oct 11, 19 @ 12:23 pm:

    Kind of surprised Howard Buffet isn’t somewhere on the bottom of the list. His dad, Warren, made #3 with $80.8B but doesn’t live in Illinois. Maybe the money is mostly in the family trusts.


  41. - Louis G Atsaves - Friday, Oct 11, 19 @ 12:52 pm:

    @Demoralized . . . playing the victim? Nope. Just making a point. Selective admiration for donors excludes Children’s Memorial Hospital being renamed? Pritzker Pavilion? Hospital wings and buildings being renamed Sorry bub, I have absolutely no problem with these types of donations or any donations in general. I’m not the guy applying litmus tests here. You are.


  42. - Oswego Willy - Friday, Oct 11, 19 @ 12:54 pm:

    Louie, “bub”

    Why so angry? LOL


  43. - Former State Worker - Friday, Oct 11, 19 @ 1:00 pm:

    =Kind of surprised Howard Buffet isn’t somewhere on the bottom of the list. His dad, Warren, made #3 with $80.8B but doesn’t live in Illinois. Maybe the money is mostly in the family trusts.=

    His estimated net worth is $400 million according to most reports I’ve seen which means he isn’t close to being in the Top 400.

    Also, Warren has pledged to give 99% of his wealth to charity so I’m not sure how much is going to the kids upon his death.


  44. - OpentoDiscussion - Friday, Oct 11, 19 @ 3:02 pm:

    Former State Worker - Friday, Oct 11, 19 @ 11:57 am:

    =Right, because a family in Chicago making $300k is the same as a billionaire.=

    They would be taxed at a different rate than a billionaire. The proposed top rate is a flat tax of 7.95% for those with incomes over $1 million. A family making $300k will be taxed at a lower rate.

    Really? Yes but not much. Difference is from 7.75 to 7.99.


  45. - Oswego Willy - Friday, Oct 11, 19 @ 3:06 pm:

    ===Yes but not much. Difference is from 7.75 to 7.99.===

    LOL

    Explain the progress tax brackets… and where the “kick in” begins

    Thanks.


  46. - OpentoDiscussion - Friday, Oct 11, 19 @ 3:14 pm:

    At 250-500K it is 7.75%
    At 1,000K it is 7.99%

    It is as I said

    Sorry you were unable to research your question but happy to do it for you.


  47. - Oswego Willy - Friday, Oct 11, 19 @ 3:16 pm:

    ===At 250-500K it is 7.75%
    At 1,000K it is 7.99%

    It is as I said

    Sorry you were unable to research your question but happy to do it for you.===

    So looking at that, and even knowing that, you don’t see how ridiculous…

    ===Yes but not much. Difference is from 7.75 to 7.99.===

    Yikes. lol


  48. - Jeff - Friday, Oct 11, 19 @ 3:23 pm:

    Oh, oh. I found another one from Wallet Hub. In this ranking they rate the taxes by state and Illinois ranks 51 (this is not a type, they include the District of Columbia) Illinois ranks below an area that isn’t even a state. We’re #1, we’re #1, we’re #1

    https://wallethub.com/edu/best-worst-states-to-be-a-taxpayer/2416/


  49. - Jeff - Friday, Oct 11, 19 @ 3:26 pm:

    Sorry, my previous post did not go through. Kiplinger ranked Illinois as the worst state for taxes, #1. We’re #1, we’re #1, we’re #1.

    https://www.kiplinger.com/slideshow/taxes/T006-S001-10-least-tax-friendly-states-in-the-u-s-2019/index.html


  50. - Oswego Willy - Friday, Oct 11, 19 @ 3:26 pm:

    - Jeff -

    You have a point?

    I know it’s after 3 on a Friday and all… lol


  51. - Shevek - Friday, Oct 11, 19 @ 3:26 pm:

    @OpentoDiscussion

    Actually, at $1,000K, it becomes a flat tax applied to the entire income. So, it’s a pretty big difference. Strange for a progressive tax, but there it is.


  52. - Oswego Willy - Friday, Oct 11, 19 @ 3:27 pm:

    ===So, it’s a pretty big difference. Strange for a progressive tax, but there it is.===

    Aw. I was hoping for more enlightenment.

    :)


  53. - Jeff - Friday, Oct 11, 19 @ 3:55 pm:

    My point is that the state of Illinois is the worst state on taxes and even with high taxes the schools, roads and politics are horrible. Tax and spend will not get us out of the hole and will only encourage the wealthy to leave the state. Once that happens, who are you going to tax? The middle class is the only option.


  54. - Oswego Willy - Friday, Oct 11, 19 @ 3:56 pm:

    ===My point is that the state of Illinois is the worst state on taxes and even with high taxes the schools, roads and politics are horrible. Tax and spend will not get us out of the hole and will only encourage the wealthy to leave the state. Once that happens, who are you going to tax? The middle class is the only option.===

    Sir, this is a Wendy’s


  55. - ajjacksson - Friday, Oct 11, 19 @ 4:20 pm:

    “The schools….are horrible.”

    Where do you live?


  56. - ajjacksson - Friday, Oct 11, 19 @ 4:24 pm:

    Stuntman Bob’s Brother at 12:05…Awesome.


  57. - Former State Worker - Friday, Oct 11, 19 @ 4:28 pm:

    =Actually, at $1,000K, it becomes a flat tax applied to the entire income. So, it’s a pretty big difference. Strange for a progressive tax, but there it is.=

    Exactly.

    Also, if you’re against billionaires being treated the same as a household making 300k then you should be against the flat tax which treats billionaires the same as a college kid working at Applebee’s.


  58. - Grandson of Man - Friday, Oct 11, 19 @ 4:37 pm:

    “Tax and spend will not get us out of the hole and will only encourage the wealthy to leave the state. Once that happens, who are you going to tax?”

    This lameness again? There’s really not much left in the right wing talking points barrel, is there? We’ve been through this ad nauseam. The rich didn’t leave when we raised the flat tax in 2011 (more came to Illinois and made the biggest income gains). A multi-year study shows the rich are the least likely to leave high-tax states. California and Minnesota raised taxes on the rich and have budget surpluses.


  59. - ike - Friday, Oct 11, 19 @ 4:38 pm:

    Jeff - the middle class have been the ones being taxed for decades to pay for tax cuts for billionaires and corporations


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