Capitol Fax.com - Your Illinois News Radar

Illinois’ richest person says he’ll stay put and “fight”

Posted in:

Illinois

* So, we got this going for us…

Citadel CEO Ken Griffin bought a $238 million penthouse condo in New York City earlier this year and is expanding his Park Avenue offices, but Illinois’ richest man says he’s staying put in Chicago.

Earlier this week during the Milken Institute Global Conference in Beverly Hills, Calif., the hedge fund leader sat for a wide-ranging interview with Bloomberg TV that touched on education, free trade, socialism versus capitalism and millennials. […]

On what it would take for him, his children and Citadel to move to another state:

I have three children and we were talking about tax policies. My 8-year-old is delightfully precocious and she says, “Dad, why won’t we just move?” And I said, “Because we are going to stand and fight. We’re going to stand and fight for the policies and changes that will make this state better.”

posted by Rich Miller
Wednesday, May 1, 19 @ 3:31 pm

Comments

Good. Once the fair tax passes, we are counting on 7.99% of his bazillion dollars a year to fund good schools for everyone’s 8-year-olds.

Comment by Reality Check Wednesday, May 1, 19 @ 3:36 pm
Shall we start with the New York State Income Tax rate of 8.82% for all income above $1.1 million or just New York City’s 3.876% tax rate on top of the State tax. Who is he kidding here?

Comment by benniefly2 Wednesday, May 1, 19 @ 3:36 pm
“We’re going to stand and fight for the policies and changes that will make this state better.”

Glad to see ol Kenny is on board with the progressive income tax amendment. /s

Comment by Gruntled University Employee Wednesday, May 1, 19 @ 3:36 pm
“Dad, how come you didn’t fire Rauner?”

Comment by Bruce (no not him) Wednesday, May 1, 19 @ 3:37 pm
Thoughts and prayers.

Comment by Harvest76 Wednesday, May 1, 19 @ 3:37 pm
Rauner said the exact same thing in the 2014 campaign.

Are there secret right wing billionaire meetings where they all learn their talking points?

Comment by Fax Machine Wednesday, May 1, 19 @ 3:42 pm
The struggle is real.

Comment by 47th Ward Wednesday, May 1, 19 @ 3:44 pm
- Fax Machine-
Yes. Yes there are.

Comment by The 5th Deputy Governor Wednesday, May 1, 19 @ 3:45 pm
Ken, ken, put the bedpost down. No need to fight.

Comment by Da Big Bad Wolf Wednesday, May 1, 19 @ 3:46 pm
Oh, please. Nobody talks like that to an 8-year-old.

More likely, he’s staying put because of custody/visitation issues. He and his ex have joint custody, and she wanted to move to New York. It was a nasty divorce. He’s probably sticking around to spite her.

Yeah, I’m a cynic.

Comment by JoanP Wednesday, May 1, 19 @ 3:46 pm
I have read Citadel Fortress is the big Gorilla of municipal bonds, so I imagine Ken pays income taxes at the same rate as Amazon. Amazon as some have heard is a small struggling start-up having a tough time against brick and mortar retail stores in Illinois. Since Amazon has almost no revenue, no income they pay no taxes and are owned by the richest man in the world.

Comment by Al Wednesday, May 1, 19 @ 3:48 pm
–I have three children and we were talking about tax policies. My 8-year-old is delightfully precocious and she says, “Dad, why won’t we just move?”–

Rauner-quality nonsense.

Comment by wordslinger Wednesday, May 1, 19 @ 3:53 pm
How can we miss him if he won’t go away?

Comment by thunderspirit Wednesday, May 1, 19 @ 3:54 pm
A conversation that definitely happened.

Comment by lakeside Wednesday, May 1, 19 @ 3:54 pm
“Dad, why don’t we move out of this state that has only allowed us to build a net worth of $10 billion?”

The struggle is real.

Comment by Moby Wednesday, May 1, 19 @ 3:56 pm
“Dad, why won’t we just move?”

I’m guessing its highly unlikely that an 8 year old would make such a comment on tax policy and more likely she was referring to the neighbors turning off their lights on Halloween and others that were giving out Bit-O-Honey.

Comment by Tommydanger Wednesday, May 1, 19 @ 3:57 pm
Ken: I’d rather see you feed your 8 year old a prawn than to use her as a pawn.

Comment by Tommydanger Wednesday, May 1, 19 @ 4:00 pm
We’re going to stand and fight for the policies and changes that will make this state better and make us richer.

Comment by Nobody Sent Wednesday, May 1, 19 @ 4:09 pm
Just a reminder, he says he’s staying but that doesn’t mean he will not change his mind in a few years. His Florida residence is always an option.

Comment by Steve Wednesday, May 1, 19 @ 4:16 pm
===I have three children and we were talking about tax policies.===

That’s so totally relatable. I mean, just the other day, my nine-year-old and I put together a microsimulation model to estimate marginal tax rates.

I wonder if his kids have a picture of Arthur Laffer in their bedroom too?

Comment by 47th Ward Wednesday, May 1, 19 @ 4:21 pm
Ken; 8 year olds are so silly. Those Union movers would charge a fortune to move those gold bars stacked in the basement.

Comment by Al Wednesday, May 1, 19 @ 4:21 pm
The over/under for him to move is 2 years. I take the under.

Comment by SarcasticSam Wednesday, May 1, 19 @ 4:22 pm
Sounds like Ken intercepted Clarence Beeks’ crop report.

Comment by City Zen Wednesday, May 1, 19 @ 4:23 pm
Not mentioned, but obvious is that in NY, Griffin would go from being the state’s richest man to about 11th or 12th on the list.

it’s like the Blue Beetle moving from El Paso to Metropolis to stand in Superman’s shadow,

Comment by Earth 3 Wednesday, May 1, 19 @ 4:28 pm
Just the other day I tried to interest a 30 year old in a discussion about tax policy. Guess she was 22 years too old.

That said. I’m glad he’s staying. So should everyone here be. Last thing anyone should do now is encourage wealthy people to leave. The senate just staked our future on them. Or did they?

Comment by A guy Wednesday, May 1, 19 @ 4:34 pm
47th with the Laffer Curve reference is strong, if incredibly esoteric, humor. I like it.

I mean it is believable that parents would have a money/taxes basic conversation with their kids, but I’m guessing KG is missing that important part of the conversation when he told his 8-year-old that Illinois is just the worst, which is much more likely to prompt that kind of question.

Comment by Stormfield Wednesday, May 1, 19 @ 4:36 pm
Ken, I encourage you to rethink. This is a terrible state. You should go and take your pretentious, I mean precocious children with you.

Comment by Soccermom Wednesday, May 1, 19 @ 4:37 pm
Well, bless his heart.

Comment by Keyrock Wednesday, May 1, 19 @ 4:37 pm
Kenny, Don’t let the door hit ya where the good Lord split ya…

Comment by Unle Ernie Wednesday, May 1, 19 @ 4:40 pm
He says he’s staying. But with property in NYC, Florida, and Illinois: if he spends less than 6 months a year in Illinois it doesn’t make much sense to not have a Florida drivers’ license. That Florida driver’s license would save Ken Griffin a whole lot of money.

https://www.nytimes.com/2016/05/01/business/one-top-taxpayer-moved-and-new-jersey-shuddered.html

Comment by Steve Wednesday, May 1, 19 @ 4:43 pm
We will be martyrs. People will notice our sacrifice. We will be heros.

Comment by Generic Drone Wednesday, May 1, 19 @ 4:45 pm
I’d say “poor kid”, but that wouldn’t be accurate.

Comment by northsider (the original) Wednesday, May 1, 19 @ 5:13 pm
To be fair, the quote from the eight year old may have been verbatim. But I imagine the context was more like, “Dad, you’re always angry and talk about moving away but never do, can we move so you stop yelling about mundane parts of the tax code and just be a normal, happy dad for once?”

Comment by Wild 100s Wednesday, May 1, 19 @ 5:15 pm
You guys have him all wrong. He’s really like Dr. Thomas Wayne of Gotham, asking his son, “Why do we fall, Bruce? So we can learn to pick ourselves up”.

On the other hand, this guy probably does more for charitable causes in ten minutes than I have in my entire life, so it’s a bit presumptuous of me to criticize.

Comment by Stuntman Bob's Brother Wednesday, May 1, 19 @ 5:29 pm
=Shall we start with the New York State Income Tax rate of 8.82% for all income above $1.1 million or just New York City’s 3.876% tax rate on top of the State tax. Who is he kidding here?=

Exactly.

=That Florida driver’s license would save Ken Griffin a whole lot of money.=

How long has the super wealthy KG had property in other states? Probably as long as he has been grousing about taxes.

These taxes have what impact on his lifestyle and that of his precocious children? None.

If the rate was 50% with no allowable deductions how much impact would it have? None.

It is almost as if the uber rich gripe about taxation reflexively. When you have billions and are constantly gripping about taxes it is just pathetic.

Comment by JS Mill Wednesday, May 1, 19 @ 5:31 pm
I wonder if he named her Ayn

Comment by Anon-I-Guess Wednesday, May 1, 19 @ 5:39 pm
“On the other hand, this guy probably does more for charitable causes in ten minutes than I have in my entire life, so it’s a bit presumptuous of me to criticize.”

Actively fighting systemic reforms like a fair tax and adequate funding of government services kinda undermines any checks he writes out of his disposable income.

Comment by Montrose Wednesday, May 1, 19 @ 5:41 pm
Montrose — 100

Comment by Soccermom Wednesday, May 1, 19 @ 5:57 pm
Reading these posts demonstrates that for the most part- capitoll fax adherents just despise successful people. The level of division shown here is truly disheartening

Comment by Sue Wednesday, May 1, 19 @ 5:57 pm
Proving the IPI’s pearl clutching over the mass exodus of the wealthy is just so much natter.

Comment by RIJ Wednesday, May 1, 19 @ 5:59 pm
What a strange, sad discussion to have with a 8 year old

Comment by Morty Wednesday, May 1, 19 @ 6:44 pm
= just despise successful people.=

LOL. Your victimhood is sad.

I would venture to guess that there are many successful people here. It isn’t about success. It is about people who have more money than 100 people could spend in a lifetime wanting to lower the cost of living of other people because they don’t want to pay taxes.

That is sad and disheartening.

Comment by JS Mill Wednesday, May 1, 19 @ 7:12 pm
“Reading these posts demonstrates that for the most part- capitoll fax adherents just despise successful people. The level of division shown here is truly disheartening”

Why stick around, then? Wouldn’t it be better to go somewhere like an IPI site and wallow in the phony victimhood of the privileged and wealthy being abused by union members living paycheck to paycheck?

Comment by Grandson of Man Wednesday, May 1, 19 @ 8:16 pm
:– if he spends less than 6 months a year in Illinois it doesn’t make much sense to not have a Florida drivers’ license.–

For crying out loud, do you really think someone with a net worth of nearly $10 billion needs to engage in such low-rent shenanigans to shelter income?

For all you know, he’s a citizen of Tralfamadore and pays taxes to the Krees.

Seriously, you’ve got tax advice for Ken Griffin? You hit your head on something hard, more than once.

Comment by wordslinger Wednesday, May 1, 19 @ 8:28 pm
The smugness of those on this board who think Ken Griffin’s money belongs to them is so discouraging.

Comment by Token Conservative Wednesday, May 1, 19 @ 8:30 pm
–Reading these posts demonstrates that for the most part- capitoll fax adherents just despise successful people. The level of division shown here is truly disheartening–

I consider myself successful and I know many here are as well. And I like them, too.

What’s that got to do with a graduated income tax, which is pretty standard in Western Civilization?

Are you down on Western Civilization, Sue?

That would explain a lot.

Comment by wordslinger Wednesday, May 1, 19 @ 8:36 pm
=The smugness of those on this board who think Ken Griffin’s money belongs to them is so discouraging.=

Smugness? Try Ken Griffin for smugness. He is fighting you know.

It isn’t our fault that the likes of Ken Griffin and other ultra wealthy have fooled you and other into seeing them as victims. You only have yourself to blame for that.

You probably believe in trickle down economics too.

Comment by JS Mill Wednesday, May 1, 19 @ 8:56 pm
“Phony Conversation 101″ with (child or random old lady at grocery store) must be taught at all the ALEC get-togethers. He and Bruce must have both received A’s in that class.

Comment by Ole' Nelson Wednesday, May 1, 19 @ 9:05 pm
==The smugness of those on this board who think Ken Griffin’s money belongs to them is so discouraging.==

Which comment said Griffin’s money belonged to them? I don’t see it.
On the other hand the comments calling Griffin out on his not so credible conversation with his 8 year old are numerous and hilarious.

Comment by Da Big Bad Wolf Thursday, May 2, 19 @ 7:05 am
Tax him at 140%, yeet the rich

Comment by Commisar Gritty Thursday, May 2, 19 @ 7:51 am
=Tax him at 140%, yeet the rich=

Lol, only have $500 million to live on for the year is a travesty.

But I am sure he will get some good advice from great minds like Michael Milken so he has that going for him.

Comment by JS Mill Thursday, May 2, 19 @ 8:00 am
Ah, the new Republican party.
No amount of pearl clutching, over the top bad melodrama is enough.
But it plays to those it’s meant to.

Comment by efudd Thursday, May 2, 19 @ 8:10 am
If the ILGOP is wondering why they aren’t winning a lot of elections in Illinois I’ll give them a clue. They are unabashedly working for the top 1% and demanding more from pretty much everyone else. They don’t even try to hide it anymore. Their campaigns are funded by guys like Griffin and that’s who they look out for.

Comment by The Dude Abides Thursday, May 2, 19 @ 8:20 am
The IPI and like organizations are actually the ones waging class warfare, on campaigns to get workers to opt out of unions. These people are pretty transparently phony when it comes to victimhood for themselves or the super-rich they represent.

Comment by Grandson of Man Thursday, May 2, 19 @ 8:29 am
==The smugness of those on this board who think Ken Griffin’s money belongs to them is so discouraging.==
I don’t think his money belongs to me.

I do think his taxes should go to the State, rather than presume that the money of all State retirees should go so that he doesn’t have to.

Comment by thunderspirit Thursday, May 2, 19 @ 8:43 am
Maybe we could crowdfund to help him out. I hate to see the needy suffer.

Comment by illinoised Thursday, May 2, 19 @ 8:45 am
He probably shorted U-Haul before announcing he wasn’t moving.

Comment by 47th Ward Thursday, May 2, 19 @ 8:48 am
Token Conservative-
You’ve fallen for that biggest straw man of all, (constructed by the wealthy), that everyone who isn’t rich wants income re-distribution.
No.
We simply tire of someone with two full loaves under their arms sniveling about missing a slice.

Comment by efudd Thursday, May 2, 19 @ 8:51 am
47th Ward-
thank you

Comment by efudd Thursday, May 2, 19 @ 8:52 am