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Recent Comments

WmMunny - QPD Blotter for July 30, 2015 - Quincy, IL News - QuincyJournal.com
A 3-strikes law is in order but ...... being the liberal mecca for criminals that IL is ...... we'll never see it.
1950Brutus - QPD Blotter for July 30, 2015 - Quincy, IL News - QuincyJournal.com
Or how about my personal favorite - the guillotine. A deterrent if there ever was one.
migraine_in_qcy - QPD Blotter for July 30, 2015 - Quincy, IL News - QuincyJournal.com
He won't, apparently, because the threat of punishment isn't deterrent enough. Time to bring back public floggings, stocks, tar and feathers, caning, etc.... We're being too easy on our criminals.
TheMightyQuin51 - QPD Blotter for July 30, 2015 - Quincy, IL News - QuincyJournal.com
Holy mackerel! That outta do it for Joshua Stevens! .....Again..... When will he ever learn?
UJacks1 - Illegal immigrant ordered freed by feds now suspected of murder in Ohio - Quincy, IL News - QuincyJo
Hooray for Hollywood and all those who continue to support the Obama admin's policies. Where is the hashtag, the outrage, the PSA's from Obama supporters? Reid, Pelosi, Wassermann-Shultz, Boxer, Sharptan, BlackLives Matter? No comments? Democrats in general say nothing, see nothing, hear nothing? Like a bunch of monkeys? Seems as if the Democrat policy of ignoring the current immigration…

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Madigan proposes corporate income tax cut

1 year, 5 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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