The debate over Bruce Rauner’s taxes now has an international flair.
The Chicago Sun-Times has reported that Rauner had offshore investments in the Cayman Islands, a British territory that has no income tax. Democratic lieutenant governor nominee Paul Vallas (pictured) says while having offshore holdings is legal, he feels Rauner should offer more details on his investments.
“It’s not an issue of whether or not it’s legal, it’s whether or not it’s right,” Vallas said, “and the only way we can determine that, the only way we can determine whether it’s right and it’s ethical is full disclosure.”
The Rauner campaign says most of Rauner’s offshore holdings were related to his former investment company, GTCR. In a statement, Rauner spokesman Mike Schrimpf said “Bruce’s tax obligations were not reduced by a single penny,” and criticized the plan supported by Gov. Pat Quinn to keep the state’s income tax rate at 5 percent.
Vallas says the Cayman holdings should encourage Rauner to release more detailed tax information. Rauner has been granted an extension on filing his 2013 income tax return, and his campaign says those returns should be released prior to the November election.