News

Cayman Connection: Campaign Issue?

Cayman Connection: Campaign Issue?

The competing campaigns for governor thinking about the Cayman Islands – not as a vacation spot, but how to make the other man’s holdings there look bad.

Republican challenger Bruce Rauner’s campaign has said the financial connections he has to the Caymans, a notorious tax shelter, have no impact on his personal tax rate. Incumbent Gov. Pat Quinn’s camp says otherwise – and Wednesday trotted out an Ohio State University expert to bolster the case.

“When most people in financial markets think about the Cayman Islands, they think (of them) as a place to hide their money,” says a YouTube video produced by economist Michael Brandl, who says he is volunteering his time and talents.

“When there is a capital gain in a private equity transaction, that is going to be subject to a capital gains tax,” he continues. He says that tax could be as high as 28 percent in Illinois, compared to zero for the Cayman Islands. The Quinn campaign’s inference is that Rauner is using a legal – albeit detrimental to Illinois – means to reduce his tax bill.

Brandl would not go so far as to say this is a deciding factor for voters.

The Rauner campaign was quick to fire back that the state’s public pension funds – of which Quinn is a member – also have offshore dealings, and perhaps the governor can think about that.

 

Recent Headlines

in Local

UPDATE: Shooting Victim Was Teenager

Fresh
7-31-15 Shooting

Springfield police say it was a 17-year-old boy that was found shot in the head inside a home on South 23rd Street on the city's east side Thursday.

in Local

Candidate Lindsey Graham Campaigns in Illinois

graham1

Talks immigration, supports Kirk

in Local

Report: Overhaul Illinois Tax System

tax

CTBA: Tax services, go to graduated income tax

in Local

House on UIS Campus Added to National Register

Strawbridge Shepherd House

A Sangamon County home first built in 1845 and described as one of the oldest in the area is now on the National Register of Historic Places.

in Local

Man Found Dead in 23rd Street Home

7-6-15 Shooting

A family member found him inside with a gunshot wound to the head, no gun was found on the scene.