* This sort of talk is freaking out business lobbyists in a major way and is a big reason why so many of them are paranoid and up in arms about Senate President John Cullerton’s proposal to force publicly traded corporations to disclose their Illinois income tax payments. House Majority Leader Barbara Flynn Currie is also sponsoring the measure and had this to say earlier in the week…
“Maybe if we were to find out that there are some very profitable corporations operating in the state of Illinois, we might want to say that maybe they should pay a little more.”
Um, maybe if we find out that there are some very profitable corporations in Illinois, we might look to see how we can make other businesses just as profitable.
I mean, I know what she’s probably getting at here, but, seriously, c’mon. That’s no way to calm the waters.
* In light of Currie’s comments, the Taxpayers Federation’s warnings should be listened to…
An equally scathing review came from the Taxpayers Federation of Illinois, which is known more as a watchdog than an ideological group.
If lawmakers need more information, they can get it from the Revenue Department instead of demanding specific figures on each company, which will “undermine” taxpayer privacy, the federation said in a statement. Passage would make Illinois “an even less attractive state to invest and create jobs” in, and give other states a leg up by pointing to Illinois’ “taxpayer climate.”
* Despite Cullerton’s sponsorship, the bill just barely passed yesterday…
The Senate voted 30-27 Wednesday to OK a proposal Cullerton says would help lawmakers plan tax policy.
The Chicago Democrat says legislators don’t know whether their tax incentives and credits are working. He says two-thirds of businesses doing work in Illinois pay no corporate income tax.
Republicans criticized the measure as “anti-business (and) anti-employment.” Others questioned whether it would be legal to post the information. Cullerton amended the bill to prevent posting of federally prohibited tax information.
There are those who believe that Cullerton’s bill is somehow politically motivated. It wouldn’t surprise me. He has grumbled about Caterpillar’s constant complaints about high state taxes. Cat is suspected of paying little to no income taxes. But Cat’s CEO was mostly complaining early on about the increased personal income tax rate and its potential impact on its executives and future recruitment.
* Other stuff…
* Quinn Expected to Hike License Sticker Fees
* Editorial: Pension problem is no cartoon
* Editorial: Pensions more than python problem - Action, not gimmicks, please