CHICAGO-The president of Illinois’ largest taxpayer organization asked Governor Rod Blagojevich (D) to veto Senate Bill 75, which would create a new $30 million tax on the recording of any real estate document, and would create a new bureaucracy to administer the granting of subsidies to landlords purportedly to help low-income housing. The new bureaucracy also would provide subsidies to developers of “affordable” rental housing. Read more →
National Taxpayers United of Illinois President Jim Tobin denounced Illinois and Chicago teacher unions’ use of taxpayer funds for political lobbying. Tomorrow, May 18, teachers’ unions, administrators and their allies will rally in Springfield to urge the state legislature to pass a 67 percent state personal income tax increase. The Springfield rally for higher taxes, coupled with Monday’s rally in Chicago, culminate a months-long effort on the part of the Illinois public school lobby to increase Illinois taxes. Read more →
CHICAGO-The president of Illinois’ largest taxpayer organization today sent a letter to Illinois State Senators asking them to oppose the proposed increase in the state corporate income tax from 7.3% to 10.5%. HB 755 also would raise the state personal income tax 67%, $5 billion.
“In my letter to State Senators, faxed today, I expressed concern regarding the misleading wording in HB 755, Amendment #2,” said Jim Tobin, President of National Taxpayers United of Illinois (NTUI). “The wording in this bill states that the corporate income tax would be raised from 4.8 percent to 8 percent. The fact is, along with the so-called ‘replacement tax’ of 2.5 percent, Illinois corporations have paid 7.3 percent since 1989. See the Legislative Research Unit First Reading, Nov. 1993, Vol. 8, No. 4, page 7 (call my office for a fax copy).”
The press is still giving out the wrong figure. The vast majority of Illinois residents, reporters and editorial writers have been misinformed about the true corporate income tax rate currently in force, and the true corporate rate that would impact Illinois corporations if HB 755 is passed. HB 755 would raise the state corporate income tax $602 million, from 7.3 to 10.5 percent, making the Illinois corporate income tax the second highest in the nation, second only to Iowa. The real 7.3 percent Illinois corporate income tax rate can be confirmed by referring to the web site of the nonpartisan Tax Foundation, Washington, D.C.” (http://www.taxfoundation.org/corporateincometaxrates.html)
Click here to view the News Release.