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Recent Comments

???? - Adams County Board to vote on quarter cent sales tax to build jail - Quincy, IL News - QuincyJournal
Yeah, because that's reasonable.
Peoplechamp31 - QPS Board approves higher 2014 tax levy - Quincy, IL News - QuincyJournal.com
I'm curious as to why a janitor is telling everyone that our school( Irving) in caving in and leaks everywhere!? I've been told that it's only by boiler room and not as bad! What kind of education does he have or is he there carpenter? Not goin to sale that one now! Not a good move on there part!
UJacks1 - REBEL MEDIA: Bush v. Clinton...yawn - Quincy, IL News - QuincyJournal.com
And, if we don't support the selected GOP candidate we will be called the traitors. We will be the reason the GOP loses - again - 'cause 3Million did't vote last time. Maybe the GOP needs to get rid of Reince and Rove. They don't know what to do; are in way over their respective heads; just like being called to orate on CNN and FOX. Time to retire them. No more guilt trips from…
Stupid_Dems - Adams County Board to vote on quarter cent sales tax to build jail - Quincy, IL News - QuincyJournal
How do you collect money from deadbeats who don't give a damn about society?
UJacks1 - QPS Board approves higher 2014 tax levy - Quincy, IL News - QuincyJournal.com
Bless his heart - it's a big one - then there's the brain. Let's get behind voting YES on everything. Make our kids and grandkids pay it all back. They'll never see a tax decrease if they remain in this state. Just stating facts.

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Madigan proposes corporate income tax cut

10 months, 2 weeks 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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