*** UPDATE *** Read the new plan by clicking here.
Very little new here. This stuff has been floating around Springfield for years, even decades. That doesn’t mean these are not good ideas. It does mean, however, that he’s not truly thinking outside the box. Then again, there’s only so much anybody can do. Maybe he’s finding that out already.
[ *** End Of Update 1 *** ]
* Natasha Korecki has the scoop on Rauner’s “Step 3″ proposal…
Republican gubernatorial candidate Bruce Rauner unveiled a plan today that he says aims to reform “corporate welfare,” offering up taxes on racehorses, private jets and yachts as well as ending a tax break on newsprint. […]
Rauner said he would overhaul the so-called EDGE program, Economic Development for a Growing Economy, as a starting point to broader changes to make Illinois more attractive to business. Rauner said the state has negotiated deals in the past – including for Sears – that allowed tax breaks even if the company is laying off workers. […]
His plan mentions cutting tax breaks for a private jet and yacht inheritances as well as ending an exemption for newsprint and ink from sales taxes, which he said cost the state $32 million a year. […]
Other parts of Rauner’s plan includes many elements that have been attempted in the past in the Illinois Legislature to no avail. That includes Rauner’s proposal to end an incentive the “big oil loophole” that allows oil companies with an Illinois presence to drill off shore without paying state income taxes. […]
Rauner did not specifically say whether he would support a private jet depreciation tax break that’s been discussed nationally as costing an estimated $3 billion nationwide. Instead, he said he would look at the whole tax code in Illinois.
Big props for going after newsprint. But that’ll hurt him with the newspaper industry for sure.
Even so, these are not new ideas. They are regularly rolled out whenever somebody (usually the governor) wants to fund a new program that the state can’t pay for. Just the word “loopholes” has become a bit of a Statehouse joke.
And there were attempts to reform the EDGE credit this year, by Speaker Madigan, and it went nowhere.
*** UPDATE 2 *** The response…
Chicken Budget #2: Billionaire Bruce Directly Lifts Governor Quinn’s Policies
Corporate Welfare King Denounces Corporate Welfare in Latest Illustrated Pamphlet
CHICAGO - Following is the statement of Quinn for Illinois Communications Director Brooke Anderson in response to the latest Billionaire Bruce Rauner illustrated pamphlet - half the size of the original, if you can believe it - revealed today.
“Maybe it was the embarrassment of his chicken budget from two weeks ago. Or maybe it was because he didn’t think anyone was paying attention.
“In any case, the illustrated pamphlet Billionaire Bruce issued today lifts several policies directly from Governor Quinn who has been fighting for tax fairness for years, including repealing the non-combination rule, the oil derrick loophole and EDGE reform, which the Governor worked on and supported this year.
“Billionaire Bruce Rauner - and his chief patron Ken Griffin - both have benefited directly from hundreds of millions of dollars in bank bailout money. Now Rauner wants to pretend he’s a Quinn-like reformer by renouncing the ‘corporate welfare’ and loopholes that he and his friends have benefited from all these years with their yachts and private jets, including the Griffin jet that carts Rauner around the state.
“After two weeks of hiding and more than a year of stonewalling, Rauner has yet to remotely explain how he plans to make up for $6 billion in revenue that will be required to balance the budget next year.
“Instead of giving us a real plan to tackle the massive structural challenges facing Illinois, Billionaire Bruce has given us two chicken budgets, with today’s version including nothing but warmed-over window dressing, stolen Quinn proposals, and hypocritical ideas.
“A corporate welfare king like him hardly has a shred of credibility when it comes to reforming a system that has made him a member of the .01 percent.”