Emanuel disclosed Wednesday that he plans to revive the most controversial idea he raised during his campaign: reducing the city’s portion of the sales tax from 1.25 percent to 1 percent, but broadening the base to include an array of services not now covered. […]
“I have to go to Springfield to do that,” Emanuel said at an unrelated news conference Tuesday. “ … I’ve talked to both the Speaker and the Senate President about lowering the sales tax by expanding what is, in fact, taxed because we tax too few things and … the working families of the city carry the burden and it’s one of the highest sales tax rates in the country.”
He added: “I wanted to do exactly what I think is the right thing: close loopholes, lower the rate, make sure other people are carrying the burden — not the working families of Chicago.”
CME Group Inc. has received tax proposals from multiple states looking to lure it from Illinois, but so far, not one from its home state, CME Executive Chairman Terry Duffy said.
Nonetheless, Mr. Duffy said the Chicago-based company, which operates the biggest futures market in the country, aims to reach an agreement on a corporate tax revision with Illinois officials before the Legislature’s October veto session, or for consideration during a special session this year. […]
“I pay the most in state taxes,” Mr. Duffy said during a question-and-answer session following a speech Tuesday on business ethics at Xavier University. “Why is that? Because I don’t have a loophole. I don’t want a loophole. I want what’s fair and equitable.” […]
Mr. Duffy said he doesn’t want to set a deadline for reaching an agreement with Illinois officials because he doesn’t want to put pressure on them. But he thinks it isn’t unfair to expect an agreement to be reached within a year of starting negotiations, which began in January.
* The Question: What sorts of state tax reform could you support? Explain.