SPRINGFIELD, Ill. (AP) - House Speaker Michael Madigan is proposing cutting Illinois' corporate income tax rate in half in an effort to improve the state's business climate.
The powerful Chicago Democrat introduced legislation Thursday that would cut the rate from 7 percent to 3.5 percent, effective Jan. 1, 2014.
In a news release, Madigan says he hopes the cut "will encourage CEOs to grow their work forces with good paying jobs."
Democratic lawmakers in 2011 approved a temporary tax hike as a way to address Illinois' fiscal crisis. It raised the corporate income tax from 4.8 percent to 7 percent. The increase is scheduled to be rolled back to 5.25 percent on Jan. 1.
Republicans have criticized Democrats for creating an unfriendly business environment, saying increased taxes have contributed to Illinois' high unemployment rate.
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Read more: http://www.myfoxchicago.com/story/24590775/madigan-proposes-cutting-ill-corporate-income-tax#ixzz2ruXcUzXn
Only if he eliminates all deductions. Many corporations essentially pay nothing.
ReplyDeleteWe pay them. If they want to have a voice like people they should pay taxes like people.
Oh those corporations are so evil in the mind of liberals, to the poster on 1/30/14 did you ever think where this country would be without the corporations who manufacture most of the items we use or keep the lights and utilities working, corporations do a couple of things when they make a profit, they spend it on making the company larger or on new product development or they issue a dividend to the stockholders who then pay tax on the dividend they receive. Without corporations this country would be a third world as there wouldn't be the capital to fund large projects such as a cellular phone system. So yes cut the corporate tax rate or better yet eliminate it all together.
ReplyDelete