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* From an e-mail…
Why does a billionaire who has already pumped $21m into his own political campaign need nearly $2m in tax credits to diminish investment risk at the expense of taxpayers?
This story just piles on JB’s pattern of shady choices that serve his own interests at the expense of everyone else:
* JB was caught on FBI wiretaps asking Blago to make JB State Treasurer
* JB bought a $3.7 million mansion which JB made “uninhabitable” by removing toilets to get a $230,000 property tax break
* JB donated $100,000 to Blago’s campaign and 4 days later a charity JB was the chief fundraiser for got $1 million in state tax dollars
* JB calling Barack Obama mediocre and not committing to vote for him
Also, the underlying pay-to-play themes are strong in this recent story about his angel investment tax credit, especially given that everyone knows Madigan is behind the scenes supporting JB’s campaign:
* JB wrote $82,000 in campaign contributions using TNDP LLC’s checkbook (the same company that got the tax credit) in 2016 to Mike Madigan’s political committees and his chosen candidates.
* Madigan voted for the legislation creating the state’s angel investment tax credit - 97th GA HB2955 & 96th GA SB2093
And, let’s add this to the list of JB-Rauner connections:
They both took advantage of the Angel Investment tax credit
They both supported the We Mean Business anti-union PAC
* From the story in question…
Here’s an issue on which rich Republican Gov. Bruce Rauner and J.B. Pritzker —by far the wealthiest of the Democrats aiming to unseat Rauner next year — find common ground.
Both Rauner and Pritzker are fans of a state tax-credit program for rich investors in startup companies in Illinois.
In fact, Pritzker is more than just a supporter of the program — the venture capitalist has profited handsomely from it.
Pritzker’s companies have gotten tax credits worth more than $1.9 million over four years through the Illinois Angel Investment Tax Credit program, records show.
As he did when his big property-tax breaks were revealed earlier this year, Pritzker says he’s merely availed himself of what the law offers him.
“It diminished a little bit of a very high risk,” Pritzker says of the tax credits his companies got. “This is one way I believe we, as Democrats, should stand up for job creation.”
Illinois tech types have long had a problem with finding investors. This tax credit was designed to help remedy that situation by making investments more palatable. Often, the people who are looking for money have nothing but an idea. It’s been quite successful.
posted by Rich Miller
Monday, Sep 18, 17 @ 10:13 am
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This is called a dump for good reason.
There is no aim here other than putting out a list hoping that it harms Pritzker.
Amateur move.
Comment by VanillaMan Monday, Sep 18, 17 @ 10:28 am
These continued attacks towards Pritzker, on the tape and the toilets, are based on things that are irrefutable.
When they as a Crew decide to go after those things, they will.
The donation itself and the timeline within the donation, the announcement, the execution, as discussed here on the Blog may require more working that narrative away from one timeline to another for context.
Petitions are out, the Pritzker Crew know these given campaign challenges, like others also have campaign challenges, will be dictated on the timetable they want, and that’s a campaign decision.
Comment by Oswego Willy Monday, Sep 18, 17 @ 10:44 am
Wait, Pritzker got a tax break for investing in local companies that employ Illinois residents?
HOW DARE HE!
That is the response they are looking for right? Ok, they got it. Move along.
Comment by Anonish Monday, Sep 18, 17 @ 10:44 am
The We Mean Business donations, combined with JB not sure if he was going to vote from Obama or his Republican opponent.
Labor, sure you didn’t jump the gun?
Comment by JoeMaddon Monday, Sep 18, 17 @ 10:44 am
===These continued attacks towards Pritzker, on the tape and the toilets, are based on things that are irrefutable===
So I’m crystal clear.
The tape exists. The toilets were removed.
They are irrefutable.
What’s said on the tapes, that’s for how things play out to the politics of that…
… as to the toilets, it’s a ding, and it’s done already.
Comment by Oswego Willy Monday, Sep 18, 17 @ 10:49 am
“JB-Rauner connections” makes me think this email is not from a Republican source
Comment by Fax Machine Monday, Sep 18, 17 @ 10:52 am
A pointless dump, too.
Not trying.
Comment by VanillaMan Monday, Sep 18, 17 @ 11:04 am
Maybe Pritzker camp can/should show the number of companies and jobs the tax credits created.
Comment by 360 Degree TurnAround Monday, Sep 18, 17 @ 11:06 am
$1.9 million over four years sounds like a big number. But, it is less than $500,000 a year. Running a business, that wouldn’t be much by the time you pay rent and payroll.
Comment by 360 Degree TurnAround Monday, Sep 18, 17 @ 11:08 am
As far as the anti Union PAC, the AFL-CIO still endorsed him despite this.
Biss was the main sponsor of the SB1 pension reform nightmare.
I’ll take Pritzker over Biss
Comment by Honeybear Monday, Sep 18, 17 @ 11:10 am
Making JB look like a chintzy opportunist is a theme that has been developed. This one could be a glancing blow if they handle it right. But it’s flimsiness as evidence still has some value. Tossing it out there now is probably very good timing given the overall weakness of it. But, they’re propagating information reported elsewhere. That always offers more credibility than it deserves. He’s looking chintzy. That’s all that needs to be done with these little items that could add up later.
Comment by A guy Monday, Sep 18, 17 @ 11:13 am
The dud duo is showing signs of consolidation.
Comment by blue dog dem Monday, Sep 18, 17 @ 11:17 am
Wonder if this inspires media to start a little run down on GovJunk’s +65 reported investment to see how many are grabbing tax breaks, statehcontracts, contracts with state vendors. This is a largely ignored story.
Comment by Annonin' Monday, Sep 18, 17 @ 11:21 am
So we’re clear. This is a tax credit to incent investment in startups - usually businesses with no revenue and little more than an idea. It’s designed to mitigate the risk for angel investors. It’s worked spectacularly well and as the story said, the Pritzger investments created hundreds of jobs.
Look, if this were a campaign that couldn’t fight back when money is put on these things it would be a bigger deal. But they can and will fight back, as Willy said, at a time of their choosing.
Comment by Anon0091 Monday, Sep 18, 17 @ 11:22 am
I like the tax credit for startups. Seems it may be a very effective way to help ease a small business’ entry into the Market.
It sounds very republican, too. Kind of funny that something that is good for the economy is considered opposition dump by democrats.
On a different note, there does seem to be a larger pattern in place in the Democrat party, besides “JB’s pattern of shady choices that serve his own interests at the expense of everyone else.”
Anybody donated to the Clinton Foundation for hurricane relief this month? /s
Comment by cdog Monday, Sep 18, 17 @ 11:31 am
Governor Rauner signed an extension of the sunset of the angel investment tax credit on August 24th. PA 100-328.
Comment by 360 Degree TurnAround Monday, Sep 18, 17 @ 11:33 am
For all the people who want Pritzker’s campaign communications team to address and put to bed the Blago controversy and the cheap and sleazy toilet tax break so he can move on,—-what if there IS no way to do that and Pritzker kinda knows it which is why he is trying to ignore it in hopes others will, too. When deeper into the campaign his primary opponents let loose on this–which they certainly will–it’s going to be ugly.
Comment by Responsa Monday, Sep 18, 17 @ 12:15 pm
Pritzker’s choice to serve as an angel investor–with the accompanying legal tax credits, yes–seems like a good idea in principle, and the fact that he’s profited from said investments indicates that his instincts (or those of his advisors) are pretty sharp - investing in tech is risky.
And the amount of credits he received - less than $500,000 a year over four years - isn’t all that much when you’ve got a fortune est. at +4 billion.
This is grasping at straws, kind of.
Comment by dbk Monday, Sep 18, 17 @ 12:21 pm
===For all the people who want Pritzker’s campaign communications team to address and put to bed the Blago controversy…====
The controversy is the discussion on a tape between the two men.
There’s no controversy, none whatsoever, to that Pritzker was never questioned, deposed, made a witness, made anything with the investigation that linked Pritzker to any of the trials, to the investigations that lead to trials, or to any of the counts Blago was found guilty of, or even aquitted of, in the Blago saga
If your premise is the investigation and the nearly two dozen counts the US Attorney got Blago convicted on was flawed, you really have no controversy.
That’s my take on what is described as a half-baked controversy and the tapes.
I’ll let the Pritzker campaign speak for themselves.
Comment by Oswego Willy Monday, Sep 18, 17 @ 12:29 pm
**$1.9 million over four years sounds like a big number. But, it is less than $500,000 a year**
Or two weeks of televisions ads for a Gov’s race. It can very easily get spun either way.
Comment by JoeMaddon Monday, Sep 18, 17 @ 12:41 pm
My “premise” is that the average voter in IL may not grasp all the nuances of angel investing and grants and budgets and navel gazing communications strategy. But there’s a simplicity about the sleazy schmoozing heard in the Blago tape and the documented property tax break for million dollar toilets that anyone with half a brain can grasp and understand (no translation needed) as examples of why they hate politics and distrust politicians.
Comment by Responsa Monday, Sep 18, 17 @ 12:47 pm
When asked for upon JB Pritzker’s Facebook campaign site why a person worth 3.4 billion needed 1.9 million in tax credits the comments were removed by the admin of the page. Sounds like someone is trying to keep things secrete upon their candidate.
Comment by My thoughts Monday, Sep 18, 17 @ 2:32 pm