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

Jacksonville Police Have “Person of Interest” in Shooting, No One in Custody

gun

Jacksonville Police say they have someone they want to interview in a shooting death from Friday morning.

in Local

Next Generation of Business Leaders Learn From an Internet Pro

computer

Dozens of area high school students spent their morning with a top executive in the social media world

in Election 2014, Local

Senate Candidates Spar Over Treatment of Veterans

durbin oberweis

Oberweis OK with veterans having an option to VA facilities

in Local

Not a Typical Morning for Some State Workers

fire

Woman saved from fire by state employees

in Local

Jacksonville Shooting Leaves One Dead

policetape

Jacksonville man is dead after a shooting near the Jacksonville School District Office