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“A massive exploitation of a federal tax loophole”


Among the nation’s billionaires, one of the most sought-after pieces of real estate right now is a quiet storefront ... But even empty, they provide their owners with an important asset: a South Dakota address for their trust funds.


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- Lucky Pierre - Tuesday, Dec 5, 17 @ 1:31 pm: How about if wealthy hypocritical, Democrats stop demonizing hard working, successful people and hoodwinking their supporters into believing that if only the wealthy paid their fair share all the problems in the state would be fixed. That would be a start - Winnin’ - Tuesday, Dec 5, 17 @ 1:32 pm: But did Pritzker gut any nursing homes a the peril of residents’ lives? - A guy - Tuesday, Dec 5, 17 @ 1:33 pm: I bet this entire family wishes for the days where they were only mentioned on the Society Page with Sugah, Leslie, and Christie. - Lester Holt’s Mustache - Tuesday, Dec 5, 17 @ 1:35 pm: ==How does that compare to the shell company that Rauner set, up, put a disabled old man in charge of, and saddled with a boat load of debt before that shell declared bankruptcy?== Sorry A Jack, the reality is that no one cares about all that stuff Didn’t you read the newspaper editorials in October of 2013? They didn’t care then, and will not care next year eitherThe raunerbots here don’t careThey will just ignore it and give you a lot of ”whatabout Madigan?” The Bernie-crats do care, but will be too busy yelling “but, trust funds!” and staying home on election day as a form of protest against The Man Better to just not think about it, and save yourself the aggravation. - RNUG - Tuesday, Dec 5, 17 @ 1:59 pm: Tax avoidance is legalEveryone does what they can to avoid taxesIn fact, I’ll bet 90% of the commentators here skip the line on the IL personal tax form for calculating the sales tax owed on internet (out of state / mail order) purchases. And if the money is in a trust for more than one person, whoever is managing that trust has a duty to maximize returns and minimize taxes … just like any financial manager. - midway gardens - Tuesday, Dec 5, 17 @ 2:21 pm: Tax avoidance is legal The rich have more opportunities That doesn’t change that he’s a hypocrite. - People Over Parties - Tuesday, Dec 5, 17 @ 2:22 pm: ===Tax avoidance is legal=== Try explaining that to voters. - wordslinger - Tuesday, Dec 5, 17 @ 2:23 pm: Anon, I’m quite calm, I just don’t understand your pointYou seem to think that you have one. - City Zen - Tuesday, Dec 5, 17 @ 2:26 pm: ==I’ll bet 90% of the commentators here skip the line on the IL personal tax form for calculating the sales tax owed on internet (out of state / mail order) purchases.== Does that include plumbing equipment and fixtures? Asking for a friend. - Anonymous - Tuesday, Dec 5, 17 @ 3:36 pm: ==You seem to think that you have one.== Stay with me Rich people. Make choices. Based on taxes. A successful progressive tax argument relies on overcoming that objection, to some extentTough to do when you’re living proof. - Anonymous - Tuesday, Dec 5, 17 @ 3:52 pm: Thanks “SSL” & “LuckyPiere” just another scam for the rich guysRICH Do Kennedy and Bliss have enough $$$$$ to advertise this stuff? - Anonymous324 - Tuesday, Dec 5, 17 @ 4:55 pm: I see the update from the Pritzker camp…which actually raises a different issueIf he did have dynasty trusts, that would make sense as to how he was able to avoid much of an income tax burden, albeit while being a hypocriteHowever, assuming their statement is true (I know, I know…) he apparently doesn’t, which just means the original questions of “where is his money coming from” remains. - Anonymous - Tuesday, Dec 5, 17 @ 5:00 pm: Given the update from the Pritzker camp, it seems this whole thread was wrongHe’s not taking advantage of the loophole and he is paying taxes on the trusts. - Dippity Do Dah - Tuesday, Dec 5, 17 @ 5:38 pm: JB doesn’t benefit from any of those trusts domiciled in South Dakota? Show your work Pritzker campaignThis is turning into an avalanche. - RNUG - Tuesday, Dec 5, 17 @ 5:55 pm: == Try explaining that to voters== The voters apparently had no problem with a nursing home bust out operator … - RNUG - Tuesday, Dec 5, 17 @ 6:02 pm: == Does that include plumbing equipment and fixtures? Asking for a friend == Anything bought out of state that would have been subject to a sales tax here. It’s supposed to be calculated (a) on the actual purchases based on all your receipts or (b) a tax table based on income. - Rabid - Wednesday, Dec 6, 17 @ 7:26 am: Rauner wants to meddle in the democratic primary, JB should have fun with the GOP primary TrackBack URI Post your comment..And please take a half second to come up with a nickname It makes following the posts easier for everyone..Thanks Name/Nickname/Anon E-mail - not required URL - not required All new commenters should click here before proceeding Inappropriate or excessively rabid comments, gratuitous insults and "rumors" will be deleted or held for moderationProfanity is absolutely not acceptable in any form "Sock puppetry" is forbidden All violators risk permanent banishment without warning and may be blocked from accessing this siteAlso, please try to be a little bit original. In other words, do your best to be civilized and smart. Notify me of followup comments via e-mail (function(d, s, id) { var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) return; js = d.createElement(s); js.id = id; js.src = "//connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.10&appId=144943782232661"; fjs.parentNode.insertBefore(js, fjs); }(document, 'script', 'facebook-jssdk')); * Dems attack Rauner * The return of the circular firing squad * No charges after alleged "blood and vengeance" threat * Your moment of Zen * Ives kicks off campaign tour * Rate Rauner's new digital ad attacking Pritzker on taxes * *** UPDATED x1 - Biss responds *** Humanizing the candidate * Cullerton says Rauner needs to "take charge" of budget, threatens to "work without him" * *** UPDATED x1 - Duckworth piles on *** Durbin says Franken should resign, Duckworth still silent * Republicans use amicus brief to tie Pritzker to Blagojevich * *** UPDATED x2 - Biss, Kennedy slam *** Pritzker to skip a Downstate debate, which will be carried statewide * What a difference a few years make * *** UPDATED x1 *** Dem candidates oppose next round of Chicago school closings * GOP SenBarickman says legalizing marijuana is "inevitable," calls on Rauner to change his mind * Question of the day: Golden Horseshoe Awards * Madigan's state central committee opponent explains his bid * Attacking Pritzker (and Madigan) instead of Ives * DCFS says it's scrapping predictive analytics program * White endorses Berrios * SUBSCRIBERS ONLY - Today's edition of Capitol Fax (use all CAPS in password) * Illinois politicians step up for Blagojevich, and themselves * Yesterday's stories Support CapitolFax.com Visit our advertisers... ............... ............... ............... 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