Latest Post | Last 10 Posts | Archives
Previous Post: AFSCME’s latest contribution to Madigan appears to be its largest ever
Next Post: “Spare me the mea culpa”
Posted in:
* Rauner campaign…
Last night, CBS Chicago found that JB Pritzker has saved millions by stashing his money offshore following yesterday’s Rauner campaign digital ad “JBahamas Bank.”
Pritzker has previously said “I don’t invest offshore… It’s not part of what I do.” But the Chicago Tribune found that to be untrue, reporting on shell companies in the Bahamas that are owned by Pritzker, some founded in the last 10 years.
Take a look at CBS Chicago’s coverage:
Illinois Governor Bruce Rauner has charged that democratic challenger J.B. Pritzker trims his tax bill by hiding millions offshore. Now that claim is the subject of a new Rauner commercial.
CBS 2’s Political Reporter Derrick Blakley fact-checked if that statement is true.
“Hide your money in the Bahamas,” Bruce Rauner’s campaign commercial sings, claiming J.B. Pritzker has been doing so for years, stashing money offshore to avoid U.S. taxes.
In the ad, Pritzker’s the head of a bank that specializes in shorting Uncle Sam.
“We can help Illinois families like yours. We’ll hide your money offshore, far from the IRS, just like J.B. Pritzker did,” the ad states.
Is the charge true? “I’d say yes,” said CBS 2’s Derrick Blakley.
For the Pritzker’s, avoiding taxes has been a family affair. J.B.’s grandfather, A.N. Pritzker, established dozens of trusts. In 2008, the New York Times declared, “The Pritzker’s were pioneers in using tax loopholes to shelter their holdings from the internal revenue service.”
J.B. Pritzker, however, insists “those entities were not created by me.”
The Chicago Tribune discovered J.B. had interests in 11 Bahamas trusts created within the last ten years, with two created specifically to benefit him.
It is ironic, said CBS 2’s Derrick Blakley, since a major theme of Pritzker’s campaign has been “everyone should pay their fair share.”
* Not mentioned…
The Rauner ad also claims, “Considering our man J.B.’s plan to raise taxes on every family in Illinois, there’s no better time to open an account than today.”
CBS 2’s Derrick Blakley says that claim is false. Pritzker has pledged to raise taxes on the rich, not on every Illinois family, although he has refused to provide specifics.
posted by Rich Miller
Tuesday, Sep 25, 18 @ 11:08 am
Sorry, comments are closed at this time.
Previous Post: AFSCME’s latest contribution to Madigan appears to be its largest ever
Next Post: “Spare me the mea culpa”
WordPress Mobile Edition available at alexking.org.
powered by WordPress.
Rauner Crew…
Bruce is polling at 24% approval and 27%, trailing Pritzker by 16.
Ya keep going “here”, like you’ve been doing since March… the numbers won’t move to where they need to be.
If this whole campaign is just going thru the motions, you’re doing that, and not choosing any path to victory.
Yikes.
Comment by Oswego Willy Tuesday, Sep 25, 18 @ 11:12 am
Didn’t 1.4% have money hidden over seas? Was it Panama?
Comment by Huh? Tuesday, Sep 25, 18 @ 11:18 am
Regardless of personal opinion or ethics, tax avoidance (not tax evasion) is legal. That is why the wealthy hire lots of tax lawyers and accountants.
Comment by RNUG Tuesday, Sep 25, 18 @ 11:18 am
I’m disappointed in Derrick Blakely on this one. Essentially Blakely is saying the statement is true because JB’s ancestors established trusts to avoid IRS taxation. That’s true, but there’s no evidence JB established these offshore trusts or controls them - he has said he didn’t. And there’s Pritzker’s previous disclosure that the trusts paid $154 million in taxes. Pretty lame tax avoidance if you’re paying $154 million in taxes. And then there’s the matter of his claim that charitable donations qualify as “tax avoidance.” Just not up to his normal standard.
Comment by Anon0091 Tuesday, Sep 25, 18 @ 11:26 am
Apparently Derrick Blakely couldn’t be bothered to check Rauner’s offshore holdings.
From the Tribune, “Rauner’s economic disclosure forms when he first ran for governor revealed that he was an investor in several of GTCR’s investment pools registered in the Cayman Islands. The records did not reveal the value of Rauner’s stake.”
Comment by Jocko Tuesday, Sep 25, 18 @ 11:29 am
Essentially Blakely is saying the statement is true because JB’s ancestors established trusts to avoid IRS taxation. That’s true, but there’s no evidence JB established these offshore trusts or controls them - he has said he didn’t.”
Big surprise JB is lying about this.
“The Chicago Tribune discovered J.B. had interests in 11 Bahamas trusts created within the last ten years, with two created specifically to benefit him.”
Nothing to see here folks, move along.
JB says he is paying his fair share and won’t tell you who he consider rich and not paying their fair share.
He had just said people like him and Governor Rauner should pay more, not hard working two income families
Comment by Lucky Pierre Tuesday, Sep 25, 18 @ 11:34 am
If I were a real Democrat, I’d be outraged - but since my party is filled with billionaires like Pritzker, I’d have to just pretend to be concerned about this and hold my nose.
I also would have voted for Biss, btw.
Comment by VanillaMan Tuesday, Sep 25, 18 @ 11:38 am
If I have to hold Pritker’s family money against him that means I have think of rich guy Rauner the same way, right? Or is it okay for him to avoid income tax in some of his money because he didn’t inherit it from his Swedish immigrant grandparents?
Comment by Cheryl44 Tuesday, Sep 25, 18 @ 11:41 am
===I also would have voted for Biss, btw.===
What stopped you? Oh, right. Biss wasn’t on the Republican ballot you chose. But please keep giving advice to Democrats. We appreciate your concern.
Comment by 47th Ward Tuesday, Sep 25, 18 @ 11:43 am
He has no qualms about raising and spending your tax money, while he hides his. JB a man with no plans to solve Illinois’ problems, but to raise taxes on the middle class.
Comment by Anonymous Tuesday, Sep 25, 18 @ 11:44 am
This was the inevitable result of a billionaire and a near-billionaire running against each other.
Demoralizing for all but the 1%, but legal - as noted above by @RNUG, it’s tax avoidance, not tax evasion. If all taxpayers could do it, they would (just as the ad yesterday suggested in “fun”), but they can’t.
Anyhow, as we have all learned, “voters don’t do nuance.”
Comment by dbk Tuesday, Sep 25, 18 @ 11:50 am
“If I were a real Democrat, I’d be outraged - but since my party is filled with billionaires like Pritzker”
I don’t think the party is filled with billionaires. Democratic purity outrage hurts Democrats.
Democrats need to unite behind the candidate. Trump was an awful candidate, but Republicans united behind him. Adults will say, I will take my bag of c*ap and beat your bag of cr*p. So much is at stake, as we can see with SCOTUS. There is a massive difference between the two parties.
Comment by Grandson of Man Tuesday, Sep 25, 18 @ 11:50 am
==If I were a real Democrat,
I also would have voted for Biss, btw.==
What part of that was unclear to you?
And if Biss were the nominee he’d be beating Rauner without hiding behind hypocritical excuses about toilet, tax dodges and off-shore Bahamaian trusts.
Comment by VanillaMan Tuesday, Sep 25, 18 @ 11:52 am
So to summarize where we are so far…
What about Rauner!
He is a rich guy and rich guys do that.
I had faith in an outsider rich guy candidate without any government experience, it didn’t work out. I really hope it plays out differently for you guys, I really do. However, what I hope is going to happen and what I think is going to happen are two different things.
Comment by OneMan Tuesday, Sep 25, 18 @ 11:52 am
=And if Biss were the nominee he’d be beating Rauner without hiding behind hypocritical excuses about toilet, tax dodges and off-shore Bahamaian trusts.=
I disagree. Biss was not well regarded by the electorate and the numbers prove that out.
If I was a Republican, I would have voted for Kirk Dillard in 2014. He was honest and would have destroyed Quinn. He would also have gotten things done.
Wait a second……I did vote for Dillard.
Comment by JS Mill Tuesday, Sep 25, 18 @ 11:56 am
Love it. Rich guys complaining about other rich guys ethics. Oh the troubles they must have to endure. One can only hope for such troubles in life. Truth= neither ones hands are clean on this matter.
Comment by Generic Drone Tuesday, Sep 25, 18 @ 12:07 pm
LOL the wealthy know too much about how the wealthy operate. Fake outrage from the top, I’d say.
Comment by NoGifts Tuesday, Sep 25, 18 @ 12:08 pm
“those entities were not created by me.” said J.B.
Impressive word phrasing there- of course he didn’t fly down there himself, wait in line for a banker, fill out the paperwork.
Some were created in the last 10 years, says the Trib - these aren’t his ancestors’ accounts.
Comment by Robert the Bruce Tuesday, Sep 25, 18 @ 12:08 pm
J.B. Pritzker, however, insists “those entities were not created by me.”
Bruce Rauner said, “I am not in control. I am trying to be in control.”
We have a billionaire and a millionaire using the same excuses as the teen temp help at Burger King.
What a couple of sad men.
Comment by VanillaMan Tuesday, Sep 25, 18 @ 12:17 pm
JB is not being truthful. He says the wealthy, like Rauner and himself, need to pay their fair share. He then uses every loophole to ensure he pays the lowest possible amount. How much does he pay those accountants?
What a hypocrite.
Comment by SSL Tuesday, Sep 25, 18 @ 12:19 pm
An economic disclosure filed with the state by Rauner in conjunction with his candidacy lists him as an investor in several of GTCR’s Cayman based funds.
http://www.chicagotribune.com/news/local/politics/chi-quinn-rauner-camps-scrap-on-cayman-island-investments-20140804-story.html
Comment by Precinct Captain Tuesday, Sep 25, 18 @ 12:23 pm
Derrick forgot to mention JB uses the off shore for funds in his foundation which would extend the impact of his charitable givin’
This does give us another chance to mention GovJunk bankin’ Shortly before the worldwide depression began GovJunk ran a Georgia bank that crashed over its defaulting’ subprime loans…what a wiz
Comment by Annonin' Tuesday, Sep 25, 18 @ 12:31 pm
So the guy who doesn’t work and just writes checks apparently does not write those checks to the Internal Revenue Service or the Illinois Department of Revenue. Nor to the Cook County Real Estate Tax Collector.
Comment by Pick a Name Tuesday, Sep 25, 18 @ 12:37 pm
===who doesn’t work===
… and yet can point to job after job he helped create… according to CEO after CEO.
You’re not very good at this. Might be time to pick another name, the third time might be the charm, lol
Comment by Oswego Willy Tuesday, Sep 25, 18 @ 12:41 pm
for the umpteenth time:
He is not avoiding any taxes. Because the money is all being donated to charity, none of it is part of his taxable income, it all gets deducted.
25% of zero is $0, whether you are in Chicago or the BAhamas.
Comment by Thomas Paine Tuesday, Sep 25, 18 @ 12:56 pm
So all of those companies in that ad he helped create? When did he create 1871 and provide leadership and business skills to all of those fledgling entrepreneurs?
Comment by Pick a Name Tuesday, Sep 25, 18 @ 12:57 pm
===So all of those companies in that ad he helped create? When did he create 1871 and provide leadership and business skills to all of those fledgling entrepreneurs?===
Ask the CEOs, not me.
lol
Comment by Oswego Willy Tuesday, Sep 25, 18 @ 12:58 pm
The Hyatt is a multi-national, and is not doing anything different than Apple, Facebook, Google, or Caterpillar by having bank accounts off-shore.
Maybe if Rauner understood how multinationals work, he would have been more successful in bringing those companies to Illinois.
Comment by A Jack Tuesday, Sep 25, 18 @ 1:17 pm
Well, Facebook just recently signed a lease in Chicago and has indicated they will hire about 2000 people.
And here all along I thought CAT was an Illinois based company???
Who knew
Comment by Pick a Name Tuesday, Sep 25, 18 @ 1:25 pm
===…you pointed to the ad, thought you would have done some research. So, really you don’t know…===
… says the commenter who continually doesn’t do any research, but is happy to be the person at the end of the bar chiming in with “I know” as their facts.
If you continually don’t trust the CEOs, or University Chancellors, or refuse to compare student body profiles, maybe you and - Piece of Work - can get together and instead of being the “I know” commenters, actually bring facts. Between the two of you, one might get a fact.
Why would a CEO, multiple ones, heap such praise?
But… “you know”
===1871 apparently funded from $ that should have gone to help schools and social programs.===
Meh.
Pritzker bailed out The Ounce for Diana Rauner… $5 million.
What else ya got?
lol
Comment by Oswego Willy Tuesday, Sep 25, 18 @ 1:33 pm
Caterpillar’s headquarters is in Illinois, but has 59 factories outside the US.
The benefit for Cat and other multinationals is that money made outside the US gets reinvested outside the US without being taxed at the high US tax rates. The tax reform was supposed to fix that problem so more companies could bring money back.
We might be seeing some of that with the current spike in growth. No one is “hiding” money off-shore. And shareholders benefit from the practice.
Comment by A Jack Tuesday, Sep 25, 18 @ 1:44 pm
Tax avoidance is legal (within the rules), but Pritzker looks hypocritical calling upon others to pay their fair share and higher taxes when not everyone has access to accountants and lawyers to lower their taxes.
Comment by Practical Politics Tuesday, Sep 25, 18 @ 2:07 pm
I would refer you to
https://www.irs.gov/publications/p526
Limit on itemized deductions. For 2017, you may have to reduce the total amount of certain itemized deductions, including charitable contributions, if your adjusted gross income is more than:
$156,900 if married filing separately,
$261,500 if single,
$287,650 if head of household, or
$313,800 if married filing jointly or qualifying widow(er).
For more information and a worksheet, see the Instructions for Schedule A (Form 1040).
Comment by OneMan Tuesday, Sep 25, 18 @ 2:25 pm
@Pick a Name - And here all along I thought CAT was an Illinois based company??? -
Care to elaborate? There’s much to be said about CAT’s offshore tax arrangements.
Comment by dbk Tuesday, Sep 25, 18 @ 2:25 pm
What about Rauner’s offshore accounts? The ones he uses to avoid paying taxes?
Comment by Anonymous Tuesday, Sep 25, 18 @ 3:07 pm
“Big surprise JB is lying about this. The Chicago Tribune discovered J.B. had interests in 11 Bahamas trusts created within the last ten years, with two created specifically to benefit him.”
You clearly don’t know how trusts work.
“So the guy who doesn’t work and just writes checks apparently does not write those checks to the Internal Revenue Service or the Illinois Department of Revenue. Nor to the Cook County Real Estate Tax Collector.”
You mean other than the $154 million in state and federal taxes his trusts paid according to Crain’s?
Comment by Anon0091 Tuesday, Sep 25, 18 @ 3:12 pm
=”high US tax rates”= The “highness” of US tax rates is very arguable. Most smart companies take advantage of the tax structure to reduce their real rate significantly. Also, keep in mind, once you set countries in a tax rate “race to the bottom,” that’s how little things like education, safety, environment, and medicine all quickly go to hell.
Comment by Ed Higher Tuesday, Sep 25, 18 @ 4:31 pm
Rauner is just upset that JB isn’t using his companies in the Caymans. The difference between JB and Rauner is that JB will fight to close those loopholes while Rauner would fight to expand them.
Comment by PublicServant Wednesday, Sep 26, 18 @ 6:54 am