Ken Griffin Spent $54 Million Fighting a Tax Increase for the Rich. Secret IRS Data Shows It Paid Of
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Ken Griffin Spent $54 Million Fighting a Tax Increase for the Rich. Secret IRS Data Shows It Paid Off for Him.
The ultrawealthy poured money into a successful campaign to defeat a graduated state income tax. For the first time, we can reveal the scale of their return on this investment.
For billionaire Ken Griffin, it was well worth spending $54 million to ensure he and other rich Illinoisans wouldn’t have to pay more tax.
By the time Illinois voters streamed into voting booths on Election Day in 2020, Griffin, then Illinois’ wealthiest resident, had made sure they’d heard plenty about why they should not vote to raise taxes on him and the state’s other rich people. His tens of millions paid for an unrelenting stream of ads and flyers against an initiative on that year’s ballot, which would have allowed Illinois lawmakers to join 32 other states in setting higher tax rates for the wealthy than for everyone else.
In the end, Griffin spent about $18 for every one of the 3.1 million votes against the initiative. After initial optimism about its prospects, the measure came up hundreds of thousands of votes short and went down to defeat.
https://www.propublica.org/article/ken-griffin-illinois-graduated-income-tax
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