SUBSCRIBE to Capitol Fax      Advertise Here      Mobile Version     Exclusive Subscriber Content     Updated Posts    Contact
CapitolFax.com
To subscribe to Capitol Fax, click here.
Today’s numbers

Thursday, Apr 17, 2014

Posted by Barton Lorimor (@bartonlorimor)

* A new report by the Public Interest Research Group says businesses that pay taxes in other countries through shell companies costs individual Illinois taxpayers $1,396 a year. For small businesses, that number is $4,588. From the coverage…

Every year, corporations and wealthy individuals avoid paying an estimated $184 billion in state and federal income taxes by using complicated accounting tricks to shift their profits to offshore tax havens. Of that $184 billion, $110 billion is avoided specifically by corporations.

“This is yet another example of why tax reform needs to be more than just campaign rhetoric,” said U.S. Rep. Dan Lipinski, D-Ill., a co-sponsor of H.R. 1554. “Hard-working middle-class Americans and the small businesses that are the future of this nation should not be forced to carry the tax burden sidestepped by others through the use of offshore accounts. I applaud Illinois PIRG for their exemplary work on this issue.”

Illinois can also take measures to reclaim some of the revenue lost to tax havens. Illinois PIRG found that by passing a simple, proven reform already on the books in other states, Illinois could save $108.3 million annually.

“The Illinois number is striking,” said Illinois state Rep. Greg Harris, D-Chicago. “If big corporations only paid their fair share for one year, the state’s operating budget problems could disappear overnight, elementary, secondary and higher education would be fully funded, MAP grant scholarships doubled, home and health services for senior citizens and people with disabilities fully restored, after-school and anti-gang programs tripled, and every overdue bill paid. So many of the troubles that face our state and communities would be wiped out in an instant if these loopholes were closed.”

A full copy of the report is here.

- Posted by Barton Lorimor        


17 Comments
  1. - PublicServant - Thursday, Apr 17, 14 @ 7:05 am:

    ===Illinois PIRG found that by passing a simple, proven reform already on the books in other states, Illinois could save $108.3 annually.===

    Has Rep. Harris introduced a bill yet? I’d like to track its progress…


  2. - PublicServant - Thursday, Apr 17, 14 @ 7:07 am:

    Or does it have to be done on the federal level? If so, I’m sure Boehner and the house republicans will pass it post haste…cough, cough.


  3. - x ace - Thursday, Apr 17, 14 @ 8:12 am:

    CAT


  4. - Grandson of Man - Thursday, Apr 17, 14 @ 8:26 am:

    I don’t see any tax reform of this type coming anytime soon, at least on the national level. There are too many poor and middle class people who are the political foot soldiers for corporations and wealthy individuals who shield their money in tax shelters. These people slam poor folks who get government assistance–many of whom work–rather than criticize and vote against politicians who fight so that the super-wealthy get every government break available.


  5. - Dan Johnson - Thursday, Apr 17, 14 @ 8:40 am:

    I know this is a lazy comment, but Barton could you explain what the reform is that IL can pass and fix the typo from Rep Harris’ quote that IL could save 108 (missing number… Million? Thousand?). I can read the report as well but…you’re the postmaster.


  6. - Anonymous - Thursday, Apr 17, 14 @ 9:07 am:

    The legislature is made of up foxes guarding the henhouse. They are not likely to end the gravy train they get in the way of “extras” from the big boys so we all get to have a harder financial life taking care of and protecting the elite interests. What else is new?


  7. - Walker - Thursday, Apr 17, 14 @ 9:25 am:

    Hate to say it, but PIRG’s reputation for accurate numbers is about as weak as IPI’s.

    This is a big issue, however, and we seem to be afraid to tackle it sensibly.

    The opponents of fixing it will continue the refrain of “everyone will leave the state”, while at the same time saying we can have lower tax rates since “we will close the tax loopholes.”

    Rather than driving everyone crazy with arguments about location, jurisdiction, and where profits are actually made — let’s do something simple like requiring a modest minimum tax paid by every concern over a certain size, operating in Illinois, regardless of where they claim they should be paying, (or not paying)?

    To continue to have extremely successful businesses in Illinois paying us no state tax at all, does rob all of us taxpayers as a group.


  8. - Proud - Thursday, Apr 17, 14 @ 9:32 am:

    Remember the age old “Golden Rule— Ye who has the gold, makes the rules!” We in the US have deluded ourselves that we are different! We romanticize our revolution that was really over the wealthy not wanting to pay taxes to the King of England!


  9. - wordslinger - Thursday, Apr 17, 14 @ 9:45 am:

    It’s amazing how many people by the con that big business and the super-wealthy are over-taxed.

    Pick up an annual report from any publicly traded Fortune 500 company and you’ll see it ain’t so.


  10. - liandro - Thursday, Apr 17, 14 @ 10:38 am:

    Tax reform is long, long overdue. Both sides have a lot of donors, er, I mean “reasons”, that pressure them to privately protect the status quo. They can publicly decry this or that specific problem, but I am not holding my breath for real reforms. To easy to blame the other party and sit on your hands.


  11. - Union Man - Thursday, Apr 17, 14 @ 11:10 am:

    If only!!


  12. - Amuzing Myself - Thursday, Apr 17, 14 @ 11:40 am:

    $108 Million is a far cry from “wiping out” all of Illinois’ budget problems. That quote actually made me laugh.


  13. - Formerly Known As... - Thursday, Apr 17, 14 @ 11:56 am:

    === said Illinois state Rep. Greg Harris, D-Chicago. “If big corporations only paid their fair share for one year, ===

    “If legislators only did their job for one year and passed this reform after so many other states already have…”

    Fixed that for you, Representative.


  14. - Formerly Known As... - Thursday, Apr 17, 14 @ 12:09 pm:

    Although @walker does make a good point concerning PIRG’s reliability when it comes to reputable numbers and projections.

    Then again, look at how revenue projections for Illinois’ “pole tax” on strip clubs compare to the recently released numbers. Or how Alderman Danny Solis’ revenue projections from decriminalizing and ticketing small quantities of marijuana compare to the real numbers.

    It appears quite a few people have problems making accurate projections when it comes to policies they are in favor of.


  15. - lovecraft - Thursday, Apr 17, 14 @ 1:47 pm:

    In the oligarchy this country has become businesses and the richest will never pay their fair share. Instead, the middles class will slowly be bled to death, ushering in a new Gilded Age.


  16. - Lycurgus - Thursday, Apr 17, 14 @ 4:02 pm:

    If the feds would reduce the US corporate income tax rate (35%) to something that is globally competitive, this would be a non-issue. But hey, a lot of people like beating the populist fat cat big corporate tax avoidance drum, so why do the hard responsible work of fixing what’s really broken.


  17. - wordslinger - Thursday, Apr 17, 14 @ 4:19 pm:

    –If the feds would reduce the US corporate income tax rate (35%) to something that is globally competitive, this would be a non-issue–

    C’mon, man. You think anyone’s paying the full freight? What are all those lobbyists doing, then?

    After write-offs and credits, the effective U.S. corporate income tax rate is 13%, 17% when you add state and local taxes, according to the GAO.

    http://economix.blogs.nytimes.com/2013/11/26/effective-corporate-tax-rates/


Sorry, comments for this post are now closed.


* Rauner won't schedule leaders meeting until Dems "are ready"
* Mendoza bumps manager bonuses to back of the line
* Caption contest!
* CPS prospectus includes mention of "hypothetical bankruptcy"
* Fun with numbers
* Question of the day: Golden Horseshoe Awards
* CMS blames AFSCME for halt to bonuses
* Good news and not so great news in Site Selection report
* Chris Kennedy added to "Boss Madigan" list
* *** UPDATED x1 *** Are we really going to have to wait until 2018?
* Rauner's dark money prince could wind up running the RNC
* Madigan on the attack, offers to discuss modified version of "Turnaround Agenda"
* IMA says Rauner signature on Exelon bill weakens manufacturing
* It's more than just a website and e-mails
* Kennedy may file candidate papers "in short order," while Bustos moves up DC ladder
* Del Mar gets his plum
* Emanuel meeting with Trump this morning
* So now they tell us
* *** UPDATED x1 - Cullerton optimistic but firm *** Rauner slams Madigan for refusing to put forward a budget, wanting a tax hike, stalling to force a crisis
* Yesterday's blog posts

Support CapitolFax.com
Visit our advertisers...

...............

...............

...............

...............

...............
<


Search This Blog...

Search the 98th General Assembly By Bill Number
(example: HB0001)

Search the 98th General Assembly By Keyword

  
* Latest Chrome update enables downloading music, videos, and websites for offline use
* Sequoia-backed video chat app Tribe spammed its customers’ address books
* You can take a VR tour of New York’s department stores thanks to Google
* [TA Deals] Get the most versatile mobile tripod for $20!
* T-Mobile’s Digits calling service is designed to make phone numbers device agnostic
* TouchWiz gets rebranded as Samsung Experience in latest Nougat beta firmware for Galaxy S7 and S7 Edge
* Google beats both Apple and Samsung to the Ireland punch with local Android Pay debut

* Renteria: Rebuilds require organization-wide effort
* White Sox, Sale bid 'bittersweet' goodbye
* Sale expresses appreciation for White Sox fans
* Winter Meetings interview with Rick Renteria
* White Sox get Moncada, 3 others for Sale
* Sale expresses appreciation for White Sox fans
* With Sale gone, White Sox ponder more moves

...............


Main Menu
Home
Illinois
YouTube
Pundit rankings
Obama
Subscriber Content
Durbin
Burris
Blagojevich Trial
Advertising
Updated Posts
Polls

Archives
December 2016
November 2016
October 2016
September 2016
August 2016
July 2016
June 2016
May 2016
April 2016
March 2016
February 2016
January 2016
December 2015
November 2015
October 2015
September 2015
August 2015
July 2015
June 2015
May 2015
April 2015
March 2015
February 2015
January 2015
December 2014
November 2014
October 2014
September 2014
August 2014
July 2014
June 2014
May 2014
April 2014
March 2014
February 2014
January 2014
December 2013
November 2013
October 2013
September 2013
August 2013
July 2013
June 2013
May 2013
April 2013
March 2013
February 2013
January 2013
December 2012
November 2012
October 2012
September 2012
August 2012
July 2012
June 2012
May 2012
April 2012
March 2012
February 2012
January 2012
December 2011
November 2011
October 2011
September 2011
August 2011
July 2011
June 2011
May 2011
April 2011
March 2011
February 2011
January 2011
December 2010
November 2010
October 2010
September 2010
August 2010
July 2010
June 2010
May 2010
April 2010
March 2010
February 2010
January 2010
December 2009
November 2009
October 2009
September 2009
August 2009
July 2009
June 2009
May 2009
April 2009
March 2009
February 2009
January 2009
December 2008
November 2008
October 2008
September 2008
August 2008
July 2008
June 2008
May 2008
April 2008
March 2008
February 2008
January 2008
December 2007
November 2007
October 2007
September 2007
August 2007
July 2007
June 2007
May 2007
April 2007
March 2007
February 2007
January 2007
December 2006
November 2006
October 2006
September 2006
August 2006
July 2006
June 2006
May 2006
April 2006
March 2006
February 2006
January 2006
December 2005
April 2005
March 2005
February 2005
January 2005
December 2004
November 2004
October 2004

Blog*Spot Archives
November 2005
October 2005
September 2005
August 2005
July 2005
June 2005
May 2005

Syndication

RSS Feed 2.0
Comments RSS 2.0
WordPress

Loading


* Updated: Judge temporarily blocks Rauner from i.....
* The Latest: 'Clean jobs' group applauds Rauner .....
* Governor Signs Future Energy Jobs Bill - WVIK..
* The Latest: 'Clean jobs' group applauds Rauner .....
* Rauner rallies for “new day” in Illinois after .....
* Illinois Gov. Rauner signs bill sparing 2 nucle.....
* The Latest: 'Clean jobs' group applauds Rauner .....
* The Latest: 'Clean jobs' group applauds Rauner .....
* The Latest: 'Clean jobs' group applauds Rauner .....


* Michigan City woman dies after South Shore train strikes car
* Missouri man gets 40 years for Illinois stabbing death
* Judge temporarily blocks Rauner from imposing contract terms
* The Latest: 'Clean jobs' group applauds Rauner on Exelon
* Democratic states wary as Trump embarks on victory tour
* Illinois Gov. Rauner signs bill sparing 2 nuclear plants
* Refuge for Women home in North Texas offers help, safety
* The Latest: Illinois manufacturers criticize Exelon law
* Emanuel gives letter to Trump asking to protect immigrants
* 1 held after shots fired at Chicago police; no injuries

* Rauner signs Exelon subsidy to spare 2 nuclear plants
* Rauner to sign Exelon subsidy to spare 2 nuclear plants
* Judge blocks administration from imposing contract on AFSCME
* State budget still elusive as leaders lash out
* Illinois budget still elusive as leaders lash out
* Killer of former central Illinois man sentenced to probation
* Prosecutors: Don't move Aaron Schock trial out of Springfield
* Mendoza on state's financial crisis: 'We're going to get out of this'
* State employee's friends, coworkers rally after stroke
* Labor board formalizes AFSCME ruling; union will fight

* Chicago is getting another newsroom
* Another newsroom is coming to town
* Boeing sweats under Trump spotlight as SoftBank feels warmth
* What's pushing the markets to new highs today?
* A new chapter in one of the year's ugliest merger spats


* Former Glenview cop cleared in perjury case
* Windy City Bulls’ close proximity beneficial to Bulls, Hoiberg
* Aldermen get an earful about sign fight with Trump
* ‘Office Christmas Party’ takes T. J. Miller down memory lane
* Phil Kadner: Trump shapes image as working person’s hero
* Letters: Ensure schools, day care facilities have lead-free water
* Jimmy John’s pays $100K in settlement over non-compete clauses
* Dow, S&P 500 close at record highs
* No bond for man charged with killing pastor’s son in West Ridge
* Alleged leader of Hobos gang expected to take the stand Wednesday


* A narcissist or an eccentric? The man behind the Ghost Ship warehouse left conflicting impressions
* Abbott sues to get out of Alere deal
* Reality TV star declares 'I like Chicago' after BF traded to White Sox
* Wednesday morning fire displaces Oak Park family; Christmas gifts saved
* Man held in Harvey killing drops to knees in court, shouts, 'I'm an innocent man'
* AIDS art gets its first major survey
* Dow, S&P 500 close at record highs as markets rally
* Ad in school paper calls out Notre Dame AD Jack Swarbrick
* Prosecutors: Killer at black S.C. church had 'cold and hateful heart'
* The next chapter for Starbucks? Getting fancier


The widget AQL4JYGHIY powered by Feed Informer does not exist.


* Rauner signs Exelon subsidy to spare 2 nuclear plants
* Rauner to sign Exelon subsidy to spare 2 nuclear plants
* Judge blocks administration from imposing contract on AFSCME
* Guest Column: Electoral College reforms — be careful what you wish for
* State budget still elusive as leaders lash out
* Michael Gerson: 3 American texts for Donald Trump to read before Inauguration Day
* Guest Column: The Electoral College and prospects for reform — be careful what you wish for
* Catherine Rampell: Trump should keep this part of Obamacare
* E.J. Dionne: The new politics of fear evident in Paris
* Illinois budget still elusive as leaders lash out


* Updated: Judge temporarily blocks Rauner from imposing contract terms
* Creve Coeur marks 75th anniversary of Pearl Harbor attack
* Central Illinois Daily Life: December 2016
* Jimmy John's to pay $100,000 in settlement over non-compete clause
* The Health Reporter Is In: Dec. 7, 2016
* Community gives dozens of kids 'their day'
* Skrysaks find way to honor babies' memory
* Report: LGBT students still face discrimination at school
* Black Box Theatre announces inaugural season lineup and auditions
* High court upholds Katrina fraud verdict vs. State Farm


* Thousands expected in Des Plaines for Our Lady of Guadalupe celebration
* Geneva says 'no' on letting aldermen have liquor licenses
* A show, a trial and now the rerun in 'Cops' murder-for-hire
* So far, so good for traffic plan at Campton Hills holiday light show
* Fangio says he plans to return for 3rd year running Bears' D

* House lawmakers overcome hurdle on key tra...
* Rodney Davis talks funding with Bloomingto...
* The agency that fought Illiana gets a new ...
* Rep. Dold takes educational cruise down Ch...
* Lawmakers decry high turnover rate of VA h...
* CBD Oil, and politics
* Simon considering state Senate bid
* Killer Congressman Tom MacArthur trying to...
* Shutdown? State may not notice
* Rep. Bob Dold

* Durbin, Graham Praise Trump's Remarks on D......
* Congressional briefing addresses public po......
* Chicago launches task force to coordinate ......

* Sen. Mark Kirk Praised During Senate Floor......
* Sen. Mark Kirk Praised During Senate Floor......
* SEIU leaders say planned Monday strike by ......

* Illinois Bible Colleges Head to Court of Appeals
* Thorner: Grassroots pushback essential for Trump to appoint pro-life nominee
* IL GOP jabs possible Dem gubernatorial nominee, three more lawmakers
* Trump taps Iowa Governor Branstad for Ambassador to China
* Chicago YPN raises more than $400 for Salvation Army
* Governor Announces Appointments to Illinois Bicentennial Commission
* Skillicorn refuses legislative pension, plans to introduce ban for state office pensions
* 13 Facts that Should Be Etched on Castro’s Tombstone and Highlighted in Every Obituary
* Naperville North students hospitalized after eating drug-laced gummy bears
* Uptown United Throws Holiday Bash Tonight


* Governor’s Export Awards Recipients Announced
* Governor Signs Legislation to Protect Jobs, Ratepayers and Taxpayers
* IDHR Issues Reminder of Fair Housing Rights During Holiday Season - State law prohibits targeted, discriminatory restrictions on decorations and celebrations
* Honoring Pearl Harbor Remembrance Day - United States and Illinois flags at half-staff from Sunrise to Sunset on Wednesday, December 7, 2016.
* Rauner calls on Democratic legislators to withdraw lawsuit seeking paychecks




      Hosted by MCS SUBSCRIBE to Capitol Fax Advertise Here Mobile Version Contact Rich Miller