New Reports: Rick Jackson Dodges Taxes Via Cayman Islands Shell Company, and Owes $70 Million in Unpaid Taxes and Penalties

Two new reports expose the shocking extent to which Slick Rick Jackson has gone to exploit the rigged system to avoid paying his taxes.

Meidas Touch News this week revealed that Rick Jackson is skipping out on paying taxes by setting up a shell company in the Cayman Islands. According to the report, Jackson has an offshore shell company in the Cayman Islands that earns millions - and reports paying zero taxes. And this morning, the AJC reported that Jackson's company allegedly owes a staggering $54 million in federal taxes and $16 million in penalties after trying to shirk his taxes. He is currently in court fighting the IRS over those payments - a case that would continue if he were elected governor.

These aren't the only ways Rick Jackson games the system at Georgians' expense. A Jackson foreclosure company literally tried to kick one couple out of their homes, Jackson's company had to settle a lawsuit for allegedly trafficking and failing to pay nurses, and his health care company took millions in PPP loans meant for struggling small businesses.

Read more below:

Meidas Touch News: Running for Governor, Rick Jackson Has Kept Leading a Cayman Islands Shell Company That Reports Paying No Income Taxes

• Rick Jackson has built his campaign for Georgia governor around a promise to take on the people who rig the system. When he launched his bid in February, the Jackson Healthcare founder called Georgia's political establishment a "cartel" and promised he couldn't be bought, putting $50 million of his own money behind his campaign.

• But federal filings show that while he has been asking Georgians for their votes, Jackson has continued to lead a company incorporated not in Georgia, or even in the United States, but in the Cayman Islands, a jurisdiction long known as an offshore tax haven.

• The company is Jackson Acquisition Company II, a special purpose acquisition company, or SPAC. These are shell companies that raise money from investors through a public offering, then go hunting for a private business to merge with and take public.

• According to the company's registration statement filed with the Securities and Exchange Commission in September 2024, Jackson Acquisition Company II lists the Cayman Islands as its jurisdiction of incorporation, with its principal executive offices at 2655 Northwinds Parkway in Alpharetta, Georgia, and Richard L. Jackson as President and Chief Executive Officer.

• In other words, the company is run out of Alpharetta, but legally it is a Cayman Islands entity.

• In its SEC filings, the company states that it applied for and received a tax exemption undertaking from the Cayman Islands government guaranteeing that, for 30 years, no Cayman law imposing taxes on profits, income, gains, or appreciation will apply to it.

• And the company has been earning money. Its quarterly report for the first three months of 2026 shows more than $2.1 million in interest earned on the investments held in its trust account and nearly $2 million in net income for the quarter.

• Yet the company's filings state that, as an exempted Cayman Islands company, it is not currently subject to income taxes or income tax filing requirements in either the Cayman Islands or the United States, and that its tax provision was therefore zero.

• None of this is illegal, and Cayman incorporation is now standard practice for SPACs. But it sits awkwardly with the message Jackson is selling voters.

• This is a candidate who has positioned himself as an outsider fighting a rigged system, and he has already faced scrutiny over his business ties to state government. The Atlanta Journal-Constitution reported that subsidiaries of Jackson Healthcare have received more than $1 billion in payments from state agencies since a no-bid contract was signed in 2020, prompting his campaign to promise the company would stop bidding on new state contracts and work to unwind existing ones.

• Now voters are learning that even as he campaigns to lead Georgia, Jackson remains the chief executive of a company that chose a Caribbean tax haven over his home state, earns millions in interest, and reports a tax provision of zero.

• Georgians deserve to know whether the man asking to run their state plans to keep running an offshore shell company while he does it.

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