DiscussWorldIssues - Socio-Economic Religion and Political Uncensored Debate - View Single Post - Illinois: Tax lies and the big business liars who tell them (CME Group isn't leaving)

**anconueys** · 07-29-2011, 06:38 AM

ChicagoNow: http://www.chicagonow.com/the-lowe-d...who-tell-them/

In January, in the waning days of the 96th General Assembly, Democratic legislators in Illinois passed a massive tax increase: from 3% to 5% for the personal income tax and from 4.8% to 7% for corporate income taxes.

Predictably, those against any and all tax hikes cried "businesses will leave Illinois" and screamed about how the state was creating a more hostile environment for business. However, any responsible metric showed that in order to eliminate the structural deficit, Illinois needed lots more revenue. An income tax increase was the easiest way to capture that needed revenue. The state didn't eliminate its billions in past due bills, but it put a big dent in the projected future deficits.

Still, the corporate shills cried and whined, with the latest threatening a move being the parent of the Chicago Mercantile Exchange. This came after the CME group said in January it was not looking to move outside Illinois.

Today, the Chicago Tribune reports that the "top 50 publicly traded corporations [based in Illinois] paid less than 2 percent of their earnings in income taxes to states and municipalities across the country, with some paying nothing at all or receiving refunds." This led a professor at Northwestern University's Kellogg School of Management to tell the Tribune that for "multistate, multinational corporations, I don't think the state corporate income tax in Illinois … could be a deciding factor" in whether or not to relocate. In other words, when the big corporate kahunas yelp about taxes, they're just "posturing." Also consider that the Tribune report notes that two-thirds of corporations in Illinois aren't required to pay an income tax.

07-29-2011, 06:38 AM	#2
anconueys Join Date Oct 2005 Posts 567 Senior Member	ChicagoNow: http://www.chicagonow.com/the-lowe-d...who-tell-them/ In January, in the waning days of the 96th General Assembly, Democratic legislators in Illinois passed a massive tax increase: from 3% to 5% for the personal income tax and from 4.8% to 7% for corporate income taxes. Predictably, those against any and all tax hikes cried "businesses will leave Illinois" and screamed about how the state was creating a more hostile environment for business. However, any responsible metric showed that in order to eliminate the structural deficit, Illinois needed lots more revenue. An income tax increase was the easiest way to capture that needed revenue. The state didn't eliminate its billions in past due bills, but it put a big dent in the projected future deficits. Still, the corporate shills cried and whined, with the latest threatening a move being the parent of the Chicago Mercantile Exchange. This came after the CME group said in January it was not looking to move outside Illinois. Today, the Chicago Tribune reports that the "top 50 publicly traded corporations [based in Illinois] paid less than 2 percent of their earnings in income taxes to states and municipalities across the country, with some paying nothing at all or receiving refunds." This led a professor at Northwestern University's Kellogg School of Management to tell the Tribune that for "multistate, multinational corporations, I don't think the state corporate income tax in Illinois … could be a deciding factor" in whether or not to relocate. In other words, when the big corporate kahunas yelp about taxes, they're just "posturing." Also consider that the Tribune report notes that two-thirds of corporations in Illinois aren't required to pay an income tax.
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