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Recent Comments

qfingers - New IL school superintendent says funding fix could take years - Quincy, IL News - QuincyJournal.com
They seem to be missing the rest of the answer to the last question.... "But teachers don't make nearly as much money as lawyers or football players so I went where the money was...administration".
UrKidsWillPay - QPD Blotter for April 25, 2015 - Quincy, IL News - QuincyJournal.com
Google Street view will show you Brian's home has an attached garage. https://maps.google.com/maps?bav=on.2,or.&bvm...
UrKidsWillPay - QPD Blotter for April 25, 2015 - Quincy, IL News - QuincyJournal.com
April Plan Commission Meeting 7:00 p.m., Tuesday, April 28, 2015 City Council Chambers First Floor City Hall, 730 Maine Street A G E N D A 5. Public hearing requested by Brian C. and Angela E. Terstegge for a Special Permit for a Planned Development to build a 2,450 sq. ft. addition onto an existing 2,800 sq. ft. garage used for personal storage at 6221 Church Hills Rd. Zoned: RU1 Per the agenda for…
UrKidsWillPay - QPD Blotter for April 25, 2015 - Quincy, IL News - QuincyJournal.com
January Zoning Board of Appeals Meeting Wednesday, January 21, 2015 6:30 p.m. City Council Chambers First Floor, City Hall 730 Maine Street A G E N D A 3. Brian C. Terstegge requesting variances to reduce the 50-ft. front yard setback and to exceed the 3,600 sq. ft. allowable area of accessory structures on property at 6221 Church Hills Rd. Zoned: RU1 Ward: 5. (Denied on 12-26-14; petitioner’s request…
ONCEMORE1 - QPD Blotter for April 25, 2015 - Quincy, IL News - QuincyJournal.com
For such a nice guy, Mr. Terstegge sure seems to have a lot of people interested in his life and scrutinizing his every move. Seems like people who have no involvement in this and little if any direct knowledge of the issue would be better served by minding their own business.

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Madigan proposes corporate income tax cut

1 year, 2 months ago pantagraph.com

Rate would drop from 7 percent to 3.5 percent under the plan

From pantagraph.com:

House Speaker Michael Madigan on Thursday proposed cutting Illinois' corporate income tax in half in an effort to improve the state's business climate, a move that also could help blunt election-year criticism that Democrats' policies are to blame for a sputtering economy and stubbornly high unemployment.

The legislation would cut the rate from 7 percent to 3.5 percent, effective Jan. 1, 2014. The powerful Chicago Democrat said it would save businesses an estimated $500 million to $700 million in the current fiscal year, which ends June 30.

"I am hopeful this legislation will encourage CEOs to grow their workforces with good paying jobs," Madigan said.

But business groups offered tepid praise, saying it would impact only a fraction of Illinois companies and that other taxes - particularly the personal income tax - are of greater concern.

Kim Clarke Maisch, Illinois director of the National Federation of Independent Businesses, said 75 percent of small businesses are organized in such a way that they pay personal income taxes on all business income. According to the Legislature's Commission on Government Forecasting and Accountability, of the companies organized to pay corporate income tax, about 70 percent had no tax liability in 2010.

"It's a step in the right direction, but the real job creators are small business owners, so if we're looking to give them relief, it would be better if we were to focus on the personal income tax as well," Maisch said.

Speaking to reporters in Chicago, Gov. Pat Quinn said he hadn't talked to Madigan and wouldn't say whether he supported the idea in advance of next month's budget address.

"We'll be preparing a budget," Quinn said. "We'll look at everybody's concepts."

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 and the personal income tax from 3 percent to 5 percent.

Republicans have made the tax increase a big focus heading into the 2014 election, arguing that the Democrat-controlled Legislature squandered the billions in additional revenue and that the hike drove businesses out of state. They note Illinois still has a roughly $6 billion backlog of unpaid bills and one of the highest unemployment rates in the nation.

The issue also has become more prominent this year because the higher rates are scheduled to roll back on Jan. 1, with the corporate rate dropping to 5.25 percent and the personal income tax to 3.75 percent. Those changes would reduce revenues by about $2 billion in the second half of the next fiscal year, forcing lawmakers to either cut spending or pass new tax legislation.

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