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Billionaire art collector Ken Griffin filed a lawsuit against the IRS on Tuesday. pro publica Earlier this year, we released our income and tax records.
Two reports by pro publica featured detailed information on the 400 richest Americans from 2013 to 2018. This included the average annual income, the percentage of deducted income, and the average effective federal income tax rate for the period. pro publica He said financial records were not sought and were shared anonymously.
A Griffin spokesperson said pro publica The IRS data tax rates shown in the research report “massively underestimate” what millionaires pay. This is because tax rates are reduced by charitable donations and do not reflect local and state taxes. The spokesperson also said Griffin pays foreign taxes, which are not included in his IRS calculation of the effective tax rate.
According to court records filed in the U.S. District Court for the Southern District of Florida, Griffin’s lawsuit accuses him of the IRS’ “willful and willful failure to establish proper controls, technical and technical establishments.” Allegedly responsible for the “illegal disclosure” of tax and income information. , and/or physical safeguards for systems of record to ensure security and confidentiality.”
“The IRS has long been fully aware of these issues,” said Griffin’s court filing. “But despite these warnings, the IRS has knowingly and intentionally failed to establish adequate safeguards to protect confidential information on Mr. Griffin’s and other taxpayers’ tax returns. I have.”
Griffin’s suit states that the IRS should pay his attorney’s fees, $1,000 for each unauthorized disclosure, and unspecified punitive damages.
Griffin is the founder of hedge fund firm Citadel, and has made a name for himself in the art world by spending large sums of money on major artworks, such as the $100 million he paid for Jean-Michel Basquiat’s 1982 painting. Well known. johnny pump boy and dog Other highlights of his collection include paintings by Willem de Kooning (privately purchased from David Geffen for $300 million), as well as works by Jackson Pollock, Paul Cézanne, Jasper Johns, and Nideka Akuniri Crosby. will be In 2004, he reportedly paid his record price of $60 million for a Paul Cézanne painting. curtains, jugs, fruit bowls (c. 1893).
Other notable purchases by longtime Chicago residents include Jasper Johns’ famous 1959 painting. fake start From Geffen for a reported $80 million in 2006.
Regular Griffin art news Listed among the top 200 collectors, he is a major contributor and patron of the arts to museums such as the Art Institute of Chicago, and is a long-time board member of the Museum of Modern Art, New York; has supported West Florida He Palm He Beach Museum, New York Performing Arts Center and Art He Space The Shed.
Griffin has also indicated his willingness to spend heavily on fighting state laws that raise his taxes. Griffin spent $54 million on a proposed tiered state income tax plan and amendments that would significantly raise fees for the state’s richest residents. Illinois voters he rejected it in 2020. As a result of the amendment not being passed, Griffin saved $51 million a year based on his past earnings. pro publica Reported in July.
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