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

Illinois DNR to Use Grant On Recreation

Fresh
IDNR_Logo

The Illinois Department of Natural Resources has announced it will receive more than $1.7 million to expand the Illinois Recreational Access Program.

in Local

Quinn Signs Legislation Requiring Transit Review

CTA

Pat Quinn has signed a mass transit reform law intended to make the operations of transit agencies serving metropolitan Chicago more transparent and accountable.

in Local

GOP Says It Has Fixes for ACA, Dems Skeptical

affordable care act

Mark Kirk is for repeal; Dick Durbin says no repeal but he'll work with the GOP on fixes.

in Local

IDOT Under Fire Again for Hiring Practices

idot

Illinois Executive Inspector General's office says workers hired under title but given other duties to avoid hiring rules. Also asserts Governor Quinn was not involved.

in Local

Greens Off, Libertarians On November’s Ballot

vote

Green Party vows to fight decision