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Recent Comments

GuyFawkes10 - All aboard? State cuts could mean fewer Amtrak trains - Quincy, IL News - QuincyJournal.com
Quit serving food. http://www.the-american-interest.com/2012/08/03/a... Maybe vending machines or privatize it.
GuyFawkes10 - Obama to ban bullets by executive action, threatens top-selling AR-15 rifle - Quincy, IL News - Quin
Are you daft? He may or may not support this? The whole point of the article and many others is that he, Obama, is signing a executive order to do this. Proposing a reclassification is one thing but signing an executive order is another. You covering for him is almost laughable if it were not for the erosion of our rights by this man and administration.
LeroyTirebiter - Obama to ban bullets by executive action, threatens top-selling AR-15 rifle - Quincy, IL News - Quin
The BATF is doing this. President Obama may or may not support this, but he has not issued an executive order to do this, as far as I know.
QuincyGuy - All aboard? State cuts could mean fewer Amtrak trains - Quincy, IL News - QuincyJournal.com
Raise the ticket prices. If it is important to those who need it and use it, they will pay for it. Get corporations involved with advertising, etc. to help defray some expenses. The government can't continue to carry the load because WE ARE THE MONEY THE GOVERNMENT SPENDS.
GuyFawkes10 - Obama to ban bullets by executive action, threatens top-selling AR-15 rifle - Quincy, IL News - Quin
Take O out of it, Whose executive order is it?

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Madigan proposes corporate income tax cut

1 year 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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