Unlike his opponent Democratic Gov. Pat Quinn, Republican gubernatorial candidate Bruce Rauner said he favors allowing the Illinois income tax to fall to 3 percent by the end of his four-year term should he win in November. Rauner also said he thinks many services in the state should be taxed just like goods. His proposed plan would add 32 professional and business service taxes. Rauner has said that taxing these services would generate more than $600 million.
These services include printing, janitorial services and many, many more.
The Chicago Sun-Times reported Friday that part Rauner's former firm has money funneled to the Cayman Islands. The country is seen by some as an ideal spot for wealthy Americans to hold money without having to pay the same kinds of taxes they would face in the U.S. Rauner says that he was not trying to stash money (as some Democrats have suggested). A spokesperson said the candidate has met all of his legal tax and disclosure obligations.
There have been no allegations of any illegal behavior by Rauner and the Sun-Times notes the practice is common among American business people. Still, some, such as University of Illinois law professor Richard L. Kaplan, wonder why he would choose to keep offshore investments while running for governor, knowing that it might raise questions for voters about whether the candidate was trying to avoid taxes at home.
Follow Matthew Dietrich on Twitter: www.twitter.com/@rebootillinois