Ken Griffin goes off on JB Pritzker
Friday, Oct 23, 2020 - Posted by Rich Miller
* Pearson…
Hedge fund billionaire Ken Griffin slammed Democratic Gov. J.B. Pritzker as “a shameless master of personal tax avoidance” Thursday in an email to his Chicago employees that criticized the governor’s push for a graduated-income tax rate amendment. […]
“I am not willing to stand by as, once again, spineless politicians try to sell a trick disguised as a solution. Particularly not from a governor who, having inherited a great deal of wealth, has worked so diligently to avoid paying taxes himself,” Griffin wrote in an email obtained by the Tribune, which was verified by a company spokesman. […]
“Pritzker–a shameless master of personal tax avoidance–is well aware that many of the state’s top taxpayers will soon be decamping for states with more attractive tax policies. Under our federalist system, each state is free to compete to encourage companies and employees to join its community. Governors of Florida, Texas and other states have made compelling pitches for businesses – like Citadel – to leave Illinois,” Griffin wrote. […]
In his email, Griffin said he was troubled by protesters who demonstrated outside Citadel’s Loop office and “misrepresented my deep commitment to the youth of our city.” He said his firm has “brought countless families to the state, led important philanthropic and community initiatives and, together, have made Illinois a better place to live and raise a family.”
Go read the rest for the react from the Pritzker camp.
* Related…
* House GOP leader Durkin: Confused about graduated-rate tax amendment? Vote no
- Leigh John-Ella - Friday, Oct 23, 20 @ 4:34 am:
– Griffin wrote in an email –
Do you think Ken Griffin types his own work emails or contracts it out so he doesn’t have to pay benefits?
- Anonymous - Friday, Oct 23, 20 @ 5:37 am:
This is why I can’t knock Trump for his taxes.
All wealthy people regardless of political party brag about how little they pay in taxes. If they pay a lot in taxes they are ridiculed by other wealthy people.
At the end of the day Ken Griffin is buying the wealthiest houses and apartments in world right now because he knows they will skyrocket in price.
Sorry Ken but I dont currently think you’re paying enough in taxes and your wealth is the reason why.
Ken your not attacking JB here….you’re attacking normal people who already are paying their taxes and need some help.
- Da Big Bad Wolf - Friday, Oct 23, 20 @ 6:06 am:
How did Griffin make that segue, from graduated tax to protestors? I’m sure it was a hoot.
- PublicServant - Friday, Oct 23, 20 @ 6:50 am:
Griffin’s email to his employees, who could care less about their boss’s politics, are forced to read his whine against a graduated income tax. The ultimate victim, and poster boy for voting for the Fair Tax. Thanks for the ammo Ken.
- deesendem - Friday, Oct 23, 20 @ 7:02 am:
people shouldn’t have to wait for the ultra wealthy like ken griffin to open their philonthopic pocket books to see improvements in their lives. health, safety, and education should be equally available to all who work and pay taxes. the system shouldn’t be allowed to fail those at the bottom of the economic ladder, and force them to go, hat in hand, to the wealthy to provide their social safety net. its obscene that we’ve allowed it to get to this point. tax the rich at higher rates because they can afford to subsidize the social safety net for the poor. it really is the patriotic thing to do. the rich should do it because its right. they shouldn’t be exalted because they shower their riches on the lowly poor. it he progressive tax passes, ken will still be very wealthy. he will never have to worry about losing his job, or how he will pay rent, or how he will put food on the table for his children.
- Anon E Moose - Friday, Oct 23, 20 @ 7:07 am:
Must be so hard for a guy who makes an unconscionable amount of money.
- Pass the Butter - Friday, Oct 23, 20 @ 7:16 am:
= Under our federalist system, each state is free to compete to encourage companies and employees to join its community. =
This could be philosophical bedrock for Mr. Griffin. Our society is comprised of businesses and employees. That’s a tell.
- Not a Pol - Friday, Oct 23, 20 @ 7:29 am:
It’s odd to have offshore trusts and claim others aren’t “paying their fair share”.
- The Fifth Deputy Governor - Friday, Oct 23, 20 @ 8:21 am:
“Under our federalist system” … wow, thanks Ken, I wasn’t sure how that worked. Move to Florida or Texas, have fun getting your employees to moves as well, or are they expendable too?
- Jibba - Friday, Oct 23, 20 @ 8:25 am:
Feel free to tell us how much you pay in taxes.
- Oswego Willy - Friday, Oct 23, 20 @ 8:26 am:
Welp.
If Griffin leaves then he won’t be running for Governor.
That’ll leave Ricketts and his racist type thinking to save the existing Raunerites/Trumpkins after November.
Also… if he leaves for Florida, Texas… isn’t that tax avoidance too? He’s telling in the email that leaving is… about avoiding Illinois taxes.
- JS Mill - Friday, Oct 23, 20 @ 8:28 am:
=This is why I can’t knock Trump for his taxes.=
You are missing the point. Trump said he paid a lot in taxes. He lied. That is the point. If he followed the rules, or anyone for that matter, then I do not begrudge them, just don’t work so hard to lower my wages and paint it as some civic duty or good.
=All wealthy people regardless of political party brag about how little they pay in taxes. If they pay a lot in taxes they are ridiculed by other wealthy people.=
? These people are so emotionally fragile they cannot handle it? Worst argument for tax dodging I have ever heard.
Griffin is a reprehensible person. He is one of the wealthiest people in the world and he cannot handle paying his fair share?
- NIU Grad - Friday, Oct 23, 20 @ 8:50 am:
Morale at that company must be great…nothing like reading an email from your billionaire boss complaining about how much he might have to start paying in taxes, and then threatening to move your job to another state.
- JS Mill - Friday, Oct 23, 20 @ 8:55 am:
= isn’t that tax avoidance too? =
Outstanding catch OW. Restaurant quality.
Master of personal tax avoidance Club-
Ken Griffin- Founding Member, club president.
- Back to the Future - Friday, Oct 23, 20 @ 9:01 am:
The over the top statements that Team Pritzker uses is not helping. Frankly the Pritzker folks approach is embarrassing to a lot of people that think the progressive idea is a way to move the state forward.
Using words like “pathetic”, “despicable”, “lies” and throwing in Rauner comments just is not moving the ball down the field.
- Glengarry - Friday, Oct 23, 20 @ 9:05 am:
Goodbye, Ken.
- H-W - Friday, Oct 23, 20 @ 9:05 am:
It seems to me, the very last sentence is the most important: “Confused about the Amendment? Vote no.” Likely to become true I am afraid.
- Hippopotamus - Friday, Oct 23, 20 @ 9:09 am:
The amendment is not what it is represented to be. Why didn’t they lock in a progressive ratio.
- Oswego Willy - Friday, Oct 23, 20 @ 9:12 am:
=== The amendment is not what it is represented to be. Why didn’t they lock in a progressive ratio.===
The CA is indeed about process.
The manner in which to implement that process, using the constitution to do so, is laborious and unneeded in process.
It’s a want, I get that, just not a required necessity for implementation.
- Chicagoan - Friday, Oct 23, 20 @ 9:15 am:
Having investments in offshore accounts that are shielded from both IL and Federal income taxes is what opens up the Governor to this criticism. It is one thing to move states to save on taxes, but moving investments to avoid paying taxes where you actually live is another level of legal tax avoidance. Not saying this should be an argument for or against the amendment, but it cuts into JB’s case that he’s raising taxes on people like him when he has investments that avoid paying the state income tax at all.
- JoanP - Friday, Oct 23, 20 @ 9:19 am:
=“Confused about the Amendment? Vote no.” Likely to become true I am afraid. =
It’s very true. I was lunching yesterday with some folks, and one of the women said she voted against it. Why? Direct quote: “I’m not sure.”
I must say that the “No” campaign has made inroads. The number of people I’ve met who are voting against the amendment because “I don’t trust them with my money”, “they’ll raise taxes”, etc. ALL things that can happen right now.
And these are not stupid people, either.
- Hamlet's Ghost - Friday, Oct 23, 20 @ 9:21 am:
==Why didn’t they lock in a progressive ratio.==
If they had, tens of millions of dollars would have been spent telling us they locked in the wrong ratio.
- Candy Dogood - Friday, Oct 23, 20 @ 9:23 am:
Can we create the opposite of a Golden Horseshoe to award to Ken Griffin?
===This is why I can’t knock Trump for his taxes.===
Based off of what has been made public, you should consider knocking Trump for his taxes because it appears that he has committed a significant amount of tax fraud as it relates to property taxes, and other state and local taxes, while also committing some tax fraud or other likely illegal ‘tax schemes’ at the federal level.
Claiming the standard deduction or itemizing your deductions is very different from committing felony tax fraud which is such a difficult bar to hit that felony tax fraud requires a substantial amount of effort to commit fraud.
- Grandson of Man - Friday, Oct 23, 20 @ 9:25 am:
The state’s richest person fighting the hardest to not be taxed at a modestly higher rate than the vast majority says it all. Doesn’t he attack state spending and fiscal management? Who does Illinois’ richest resident want to cut? Maybe some of his supporters can clarify that.
- Candy Dogood - Friday, Oct 23, 20 @ 9:32 am:
===He’s telling in the email that leaving is… about avoiding Illinois taxes===
Someone really needs to explain to Mr. Griffin the concept of “apportionment” and that a person of his wealth doesn’t stop paying taxes to Illinois by moving to another state. In order to avoid Illinois taxes, he would have to completely divest from the state and earn no Illinois sourced income.
- FDB - Friday, Oct 23, 20 @ 9:40 am:
==This is why I can’t knock Trump for his taxes.
All wealthy people regardless of political party brag about how little they pay in taxes. If they pay a lot in taxes they are ridiculed by other wealthy people.==
Wow you are so close to the actual point that you are almost on top of it.
The difference is if poor or working-class or middle-class or upper middle-class folks don’t pay their fair share in taxes the IRS comes after us.
The issue IS the loopholes that the ultra-rich take advantage of. Only one party (as far as I know) seems to want to close those loopholes.
- Oswego Willy - Friday, Oct 23, 20 @ 9:44 am:
=== The issue IS the loopholes that the ultra-rich take advantage of===
“Why not both?”
Close loopholes AND have a “Fair Tax”
There’s no “one” thing that helps all ills
- Streator Curmudgeon - Friday, Oct 23, 20 @ 9:47 am:
Battling billionaires. We are truly living in an alternative universe.
- Tax man cometh - Friday, Oct 23, 20 @ 9:47 am:
The issue IS the loopholes that the ultra-rich take advantage of. Only one party (as far as I know) seems to want to close those loopholes.
Kinda like when Pritzker defends his off shore trust funds set up by his grandpa..
.yes..to exploit loop holes and ” avoid” paying more tax than they have to.wow, imagine that.. Been going on for decades now.
- Candy Dogood - Friday, Oct 23, 20 @ 9:50 am:
=== Only one party (as far as I know) seems to want to close those loopholes.===
Where’s their bill?
Seems kind of like you’re arguing from fallacy.
- Frank talks - Friday, Oct 23, 20 @ 9:52 am:
I heard they’re going to have their chauffeurs engage in fisticuffs later after they dry dock the yachts for the winter.
- Annonin' - Friday, Oct 23, 20 @ 10:05 am:
Griffy does not seem to care about $$$. Guessing he is still plaib and simple smarting from GovJunk thumping Now he is bankrolling a plan to get a state court that will slash pensions…he needs to lose…again
- City Zen - Friday, Oct 23, 20 @ 10:09 am:
==Also… if he leaves for Florida, Texas… isn’t that tax avoidance too?==
If he retires, is that too tax avoidance?
- John Deere Green - Friday, Oct 23, 20 @ 10:11 am:
==“a shameless master of personal tax avoidance”==
Ken Griffin criticizing someone for tax avoidance. If that don’t beat all. Tax avoidance is legal, tax evasion is not. Billionaires like Griffin - or phonies like Trump who like to play billionaires on TV - pay top accountants beaucoup bucks to find all the loopholes they can to pay as little in taxes as possible. That’s tax avoidance. So is Griffin saying he doesn’t do this? Glass houses, stones, etc.
- City Zen - Friday, Oct 23, 20 @ 10:12 am:
==Griffin said he was troubled by protesters who demonstrated outside Citadel’s Loop office==
They must have gotten lost on their way to GCM Grosvenor.
- Oswego Willy - Friday, Oct 23, 20 @ 10:15 am:
=== If he retires, is that too tax avoidance?===
If he stays in Illinois, changing a tax status anyone else can do… isn’t avoiding anything.
Why hasn’t he chosen to retire?
Any other dorm room questions?
- Northsider - Friday, Oct 23, 20 @ 10:15 am:
Ken Griffin and his ilk make me so very glad I voted “Yes.”
- hypocrisy - Friday, Oct 23, 20 @ 10:40 am:
The irony! If only people knew how much Griffin and Citadel avoid their tax obligations… Citadel is a hedge fund but for tax purposes it structured as an administrative entity. Griffin is a firm believer in oligarchy and obsessed with avoiding tax obligations - he engages in all sorts of practices to source income away from Illinois. For example, his massive art collection - he puts them into “museums” that are really just fronts for his private art collection. He then obscures the hours for these “museums” and ensures they are 5013c so nothing is taxable. Griffin is a joke.
- Montrose - Friday, Oct 23, 20 @ 10:42 am:
This whole “How dare you make a demand of me. I am charitable when and where I want to be. You should thank me for that and be on your way.” is sad and exhausting. It’s all about maintaining power and control.
- Lincoln Lad - Friday, Oct 23, 20 @ 11:08 am:
I hope Griffin thinks he’s losing - and hence this petulance.
Rich people just want it their way… I think we knew that already. Someone should tell him ‘much is expected of those to whom much is given’.
- Da Big Bad Wolf - Friday, Oct 23, 20 @ 11:42 am:
=== It seems to me, the very last sentence is the most important: “Confused about the Amendment? Vote no.” Likely to become true I am afraid.===
The ultimate gaslighting. First confuse everyone with untrue statements like this is a way to tax retirement income, this is a blank check, etc. Then after you confuse people enough tell them they should vote no because they are confused.
- Lincoln Lad - Friday, Oct 23, 20 @ 11:53 am:
Griffin funded adds that misrepresented the fair tax to uninformed voters. Doesn’t matter how you play as long as you win I guess. If he loses, he can take his toys and move to another state. Good for him… most people don’t have the luxury of being petulant - they just want to get by and be ok. They’ll never know what it’s like to have a billion dollar real estate portfolio, and the ability to do whatever you want. Needing to lie seems a bit indulgent, but that seems to be ok these days too. What country is this again?
- Da Big Bad Wolf - Friday, Oct 23, 20 @ 11:58 am:
Candy gets it
===Someone really needs to explain to Mr. Griffin the concept of “apportionment” and that a person of his wealth doesn’t stop paying taxes to Illinois by moving to another state. In order to avoid Illinois taxes, he would have to completely divest from the state and earn no Illinois sourced income.===
As far as I understand Mr. Griffin already moved to New York. If he makes income in Illinois he still has to pay Illinois taxes.
- Thomas Paine - Friday, Oct 23, 20 @ 12:01 pm:
Griffin is not relocating his business or himself to Florida or Texas.
That is a joke, right?
He didn’t go to all that trouble to have all those edifices up in Chicago so that he could admire them from his bungaloo next to Mar-a-Lago or bike in the 108 degree heat of Dallas summers.
Worst. Bluff. Ever.
- Chicagonk - Friday, Oct 23, 20 @ 12:08 pm:
To be fair to Ken, he probably is personally frustrated by the way US tax structure is heavily tilted towards those that already have wealth (or have inherited it). That this is a personal issue for him doesn’t change that the tax amendment makes sense for this state. Not much Illinois can do to address the loopholes the Pritzker family has used to avoid paying taxes.
- Dotnonymous - Friday, Oct 23, 20 @ 12:58 pm:
Does Griffin play poker?…asking for a gaming friend.
- Thomas Paine - Friday, Oct 23, 20 @ 1:16 pm:
@Chicagonk -
Simpler explanation: Ken Griffin is a hypocrite who speaks out of both sides of his mouth.
https://www.garappraisal.com/why-billionaire-ken-griffin-can-snag-property-tax-bargain/
“Why billionaire Ken Griffin can snag property tax bargain”
Ken Griffin won’t have to worry about the tax man — at least when it comes to New York City real estate.
Last month, the billionaire investor behind the Citadel hedge fund snagged a 23,000-square-foot condo on Central Park South for a record-breaking $238 million.
But when it comes time to pay his tax bill, the Citadel boss will only be paying on a property value of $9.4 million — less than 4 percent of the real sticker price, The Wall Street Journal reported Wednesday.
Read the rest if you want to, but the bottom line is that Ken Griffin accusing Pritzker of not paying his fair share of taxes is a joke.
Has Griffin released his tax returns, or the tax returns of his company?
- Funtimes - Friday, Oct 23, 20 @ 1:48 pm:
Griff’s got a point. People should be skeptical that Illinois politicians are disciplined enough to use the added revenue to truly fix the pension problem. But Griff is deluded if he didn’t think and doesn’t see that increased taxes must be part (but not all) of the solution. After all Griff (like all Illinois residents and businesses) has benefited for a long long time from Illinois not fully taxing to pay for its pension costs. Seems like, as someone who benefited, he should kick in to the solution too.
- Biker - Friday, Oct 23, 20 @ 1:59 pm:
I think Ken is genuinely mad he’s stuck at #34 on the wealthiest ‘Mericans list, and only a measly 0.1 Billion dollars separates him from Eric Schmidt at #33. This fair tax is gunna knock him back to Carl Icahn territory in the low $14 Billion range.