Billionaire Citadel founder and CEO Ken Griffin has dropped $20 million into the battle against a proposed constitutional amendment that would allow graduated income tax rates in Illinois.
Griffin's donation, to the Coalition to Stop the Proposed Tax Hike Amendment, matches the largest single donation he’s made over nearly two decades of giving to candidates and political causes, according to Illinois State Board of Elections records.
Griffin has lent more of his fortune to only one other cause: electing former Gov. Bruce Rauner. In total, Griffin pitched in more than $36 million to help Rauner in his 2014 and 2018 bids, records show, including a $20 million donation in June of 2017. He’s donated to several other Republicans, but also a handful of Democrats, including giving $2 million to Bill Daley's mayoral bid and $1.2 million to committees supporting former Mayor Rahm Emanuel. In sum, he’s donated over $80 million since 2002, according to State Board of Elections records.
Now Griffin has chipped in big to defeat another billionaire: current Gov. J.B. Pritzker and his signature push for a graduated income tax amendment that would surely put Griffin in the top tax bracket, should the constitutional amendment pass.
Under Pritzker's plan, the state's income tax rate would change from a flat 4.95 percent to a graduated rate, with those earning above $250,000 shouldering more of the burden. The highest rate, on single filers earning more than $750,000 or joint filers earning over $1 million, would be 7.99 percent. The corporate tax rate would also rise from the current 7 percent to 7.99 percent.
The Coalition to Stop the Proposed Tax Hike Amendment heads into the post-Labor Day campaign season in earnest. Before Griffin's massive donation, the committee had raised a total of $950,000 from some of Illinois' wealthiest people, including Richard Uihlein, Craig Duchossois, Jay Bergman, Sam Zell, Muneer Satter and John Canning.
The committee Pritzker has funded, Vote Yes for Fairness, got a head start with a $56.5 million donation from the governor in June.
In a statement, the Coalition to Stop the Proposed Tax Hike Amendment said it is "encouraged that people from throughout Illinois, especially bipartisan small-business owners, are responding positively to our message that this is the worst possible time to raise taxes. The coalition welcomes support from anyone who believes we must stop Springfield politicians from having new power to increase income taxes on every group of taxpayers, whenever they want."
The General Assembly already has power to raise or lower taxes. Pritzker has argued a graduated rate is needed now more than ever to help address revenue shortfalls in the COVID crisis, and that 97 percent of taxpayers would not pay more than they do now.
"Mr. Griffin reportedly made $1.5 billion last year, and under the fair tax, he would have had to pay $45 million more," said Vote Yes for Fairness Chairman Quentin Fulks. "It’s no surprise he’s now doing everything he can to protect the special deal he gets under Illinois’ current tax system. If Mr. Griffin would like to explain why he thinks it’s fair that he pays the same tax rate as our nurses and grocery store clerks, that’s a conversation we welcome having.”
Griffin has a net worth of $15.5 billion, according to the Bloomberg Billionaires Index ranking, which places him at no. 94 worldwide. Griffin’s wealth derives not only from the hedge fund firm, which manages about $34 billion, but also from his separate Citadel Securities operation, which is one of the biggest U.S. market-makers.
The hedge fund billionaire's donation also came the same day labor unions backing the graduated tax pledged to put their full weight behind firing up their members and their families to vote yes.
“This is our No. 1 priority for the fall,” Illinois Federation of Teachers President Dan Montgomery said during a Zoom news conference yesterday. It was called to announce that more than 125 labor unions representing more than 1 million members had endorsed the constitutional amendment.
“We’re doing everything we can do to put the message out, that it’s time to change the tax system in Illinois,” said Tim Drea, president of the Illinois AFL-CIO. He said it was time to end the “sweet deals that corporations and millionaires have gotten over the years.”
Aside from its foot soldiers statewide, the largely labor-backed committee, Vote Yes for Fair Tax, has a little under $700,000 cash on hand.
Reporter Lynne Marek contributed.
"Stop" - Google News
September 04, 2020 at 06:04PM
https://ift.tt/3bwxQqW
Ken Griffin kicks in $20 million to stop Pritzker's graduated tax - Crain's Chicago Business
"Stop" - Google News
https://ift.tt/2KQiYae
https://ift.tt/2WhNuz0
Bagikan Berita Ini
0 Response to "Ken Griffin kicks in $20 million to stop Pritzker's graduated tax - Crain's Chicago Business"
Post a Comment