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 Election 2014, Local

African-American Pastors Endorse Rauner

Fresh
Illinois Republican gubernatorial candidate businessman Bruce Rauner participates in a Republican gubernatorial candidate debate Tuesday, Feb. 18, 2014, in Springfield, Ill. The four Republican gubernatorial candidates said that they’ll be willing to work with unions if elected but differed on how to approach the relationship during a downstate debate that largely focused on pension reform, taxes and just briefly on personal issues that have dogged some of the candidates.

More than a dozen pastors of predominantly African-American congregations are endorsing the Republican candidate for governor.

in Local

Ameren Threatens $20 Monthly Fee for No Smart Meters

Ameren+Illinois+Utilities+logo

Ameren Illinois says customers who refuse to have an electricity meter installed will see an additional $20 monthly fee on their bills.

in Local

Pizza Delivery Driver Robbed on East Side

gun

A pizza delivery driver was uninjured when he was robbed by three assailants over the weekend.

in Local

Man Charged in Connection With Pipe Bomb; Armed Bank Robbery

BRADFORD MOSS

Bradford Moss is charged with Possession of Explosives or an Incendiary Device and Attempt Theft.

in Local

Illinois Is Not Gaining Ground on Poverty

poverty

Census says numbers are stagnant