News

Hutchinson Tries Again to Close Tax Loopholes

Hutchinson Tries Again to Close Tax Loopholes

Photo: Newsradio WTAX

How hard can it be? Close the loopholes! Close. The. Loopholes.

 

State Sen. Toi Hutchinson (D-Olympia Fields) says it’s easier said than done. “Any incentive or loophole,” she says, “anytime it has risen to an importance level where it makes it into the code, that means there were some pretty powerful people who were lobbying to get it into the code. And, when you blanketly say, ‘OK, we’re going to close loopholes right now,’ those folks who want it in there are going to fight to keep it in there.”

 

That’s a problem facing a bill of hers. She wants to raise about $450 million by:

  • n  Taxing foreign dividends
  • n  Encouraging businesses to earn money in the U. S., rather than overseas
  • n  Repealing the non-combinational rule allowing complex tax shelters

Hutchinson says she introduced this bill last year and says it’s worth another try this year.

 

Recent Headlines

in Local

Beer Tickets Land State Fair Manager in Hot Water

state fair logo

Bliefnick hasn't responded for comment

in Local

On-Line Learning Could Get a Boost

state_capitol_4

Maintaining common standards in online college coursework is the goal of a new state law

in Local

Illinois Coal a Hot Commodity Worldwide

coal

Illinois coal exports have risen sharply in recent years, even as its high sulfur content limits its demand in the U.S.

in Local

Downtown Taylorville Building Partially Collapses

tothemoontattoo

A downtown Taylorville business is closed after part of its building collapsed over the weekend.

in Local

Cameras Could Appear in Sangamon County Courtrooms

gavel2

Half a dozen central Illinois counties could soon join a pilot project that allows cameras in court.