Oh really?
http://politics.suntimes.com/...
Republican Bruce Rauner Tuesday dismissed questions about his financial ties to the secretive Cayman Islands as a Democratic-driven “red herring,” calling it a “distraction” by Gov. Pat Quinn from his failed tax policies. In Chicago, Quinn hit Rauner over outsourcing allegations with regard to the venture capitalist's former firm.
Rauner responded publicly for the first time to word that his former private-equity company set up a dozen investment vehicles in the Caribbean tax haven between 2009 and 2011, including three partnerships in which has disclosed having a personal financial stake.
“This issue of the Cayman Islands, this is a red herring,” Rauner told reporters in Springfield, where he was urging quick action by a state appeals court by the end of the week to allow a term-limits initiative on the fall ballot.
“This is a distraction. This is being foamed up by Pat Quinn and his allies to create a distraction in the media for the voters. It is not a real important issue one way or another in this election,” Rauner said. - Chicago Sun-Times, 8/19/14
Here's some more info:
http://www.huffingtonpost.com/...
A dozen funds in total were set up in the Caribbean nation between June 2009 and July 2011 by private equity firm GTCR which, according to the Chicago Sun-Times, was chaired by Rauner at the time. He had a personal financial interest in three of those funds.
Bermuda and the Cayman Islands are popular tax shelters for U.S. corporations, as both island nations have no corporate income taxes, and disclosure requirements there are less stringent.
The Cayman Islands government agreed in August 2013 to comply with the Foreign Account Tax Compliance Act, which requires foreign financial entities to notify the U.S. Internal Revenue Service about American offshore accounts if they exceed $50,000. The intergovernmental agreement took effect in July.
Campaign spokesman Mike Schrimpf offered a full-fledged defense of Rauner to the paper:
Caribbean vehicles are common for private-equity funds as well as institutional investors like the Illinois’ pension fund that [Gov.] Pat Quinn is invested in, especially when the companies they are investing in already have international operations and headquarters ... Bruce was also comfortable with it because that kind of investment does not reduce the taxes paid by individual investors on their income. It didn’t reduce taxes on Bruce’s income, and it doesn’t reduce Pat Quinn’s taxes either.
Rauner has refused to release a certain portion of his tax returns further detailing the investments, and GTCR has remained mum on the matter.
Brooke Anderson, a spokeswoman for Gov. Pat Quinn's (D) campaign, responded to the revelations by saying that "not only does Republican billionaire Bruce Rauner stash his own riches in the Cayman Islands to avoid taxes, he also parked his firm’s money there."
"Mr. Rauner is great at gaming the system for his own financial benefit while the rest of us play by a different set of rules," she added. - Huffington Post, 8/19/14
Latest polling shows that voters are paying attention to this issue and it is taking a toll on Rauner's numbers:
http://www.chicagobusiness.com/...
All of those TV ads targeting Bruce Rauner appear to be taking a toll on the popularity of the GOP nominee for governor.
A new poll out today from Garin Hart Yang Research Group, which usually polls for Democrats, shows Mr. Rauner ahead of incumbent Democratic Gov. Pat Quinn just 44 percent to 41 percent among 802 likely voters in the November general election. An additional two percent of voters lean toward each candidate, with 11 percent undecided.
The three-point difference is within the survey's plus-or-minus 3.5-point margin of error, and definitely is less than the seven-point average margin Mr. Rauner has enjoyed in several recent surveys.
But a Garin Hart Yang survey released on May 14 had Mr. Rauner up six points, 46 percent to 40 percent. And an earlier one, in April, had the race 49 percent for Mr. Rauner to 39 percent for Mr. Quinn.
All of those polls were taken before the Quinn campaign and an independent group, Illinois Freedom PAC, began dropping millions in ads that slash Mr. Rauner for not paying enough income taxes, investing overseas and other rich guy sins. But the new survey was taken after those ads hit, specifically last week, on Aug. 12 to 14. - Crain's Chicago Business, 8/20/14
And Quinn isn't the only one hitting Rauner on this issue:
http://www.pjstar.com/...
The business record of Bruce Rauner, the Republican candidate for governor, was called into question by Paul Vallas, the Democratic lieutenant governor candidate, during a stop Tuesday at the Peoria Labor Temple.
“Bruce Rauner is in the business of vulture capitalism. That’s the Wall Street Journal’s characterization — not mine,” said Vallas, who accused Rauner of outsourcing jobs rather than creating them.
“Rauner has profited to the tune of millions of dollars from outsourcing American jobs and shipping those jobs overseas. He believes in cheap labor — both at home and abroad.”
Earlier this month, a Chicago Sun Times poll had Rauner ahead of Gov. Pat Quinn by a spread of nearly 51 percent to 38 percent, with 11 percent undecided.
Vallas referenced a recent story in the Sun Times that noted that, in addition to having personal investments in the Cayman Islands, a so-called tax haven, Rauner also had established a dozen investment funds there through his Chicago-based investment firm.
“The philosophy here is to maximize profits and minimize tax liability,” said Vallas, who called on Rauner to disclose complete tax records and identify his business partners. - Peoria Journal Star, 8/19/14
Even this guy is hitting Rauner on this issue:
http://politics.suntimes.com/...
Mayor Rahm Emanuel urged his buddy Bruce Rauner on Tuesday to release his full tax returns, calling it a “rite of passage” that candidates for public office simply cannot avoid.
Days after releasing his own 2013 tax returns, including schedules, Emanuel joined Gov. Pat Quinn in urging Rauner to do the same.
“Running for office and releasing your taxes is like a rite of passage. You have to do it,” the mayor said.
“When I ran for Congress, I released my taxes. When I ran for mayor, I released my taxes. I released my taxes when I was [White House] chief of staff, even though I was not in elected office, but it was an office in the public trust. I do believe in a separation. You’re still allowed a personal life and a private life. Your taxes, though ... they speak to what I think is the right thing to do. And it’s a rite of passage running today for office, especially chief executive.” - Chicago Sun-Times, 8/19/14
I always knew this race was still ours to win. Polling has been crappy in Illinois in the past but this issue is taking a toll on Rauner. We can still hold onto this seat, we just have to get our base out to the polls. Click here to donate and get involved with Quinn's campaign:
https://www.quinnforillinois.com/