News

Democrats, GOP Spar Over “Business Inversion”

Democrats, GOP Spar Over “Business Inversion”

Illinois Republicans and Democrats are butting heads over the solution to companies reincorporating out of the United States to save on taxes.

Gov. Pat Quinn is favor of changing the tax code to remove the incentive for companies to, on paper, move overseas while keeping most of their operations in the U.S.

“We can’t have corporate deserters leaving our country, trying to go elsewhere to pay less than they should in taxes that support America,” Quinn said.

U.S. Senator Dick Durbin (D-Ill..) has introduced legislation removing those loopholes and preventing so-called inverted corporations from receiving federal contracts. His Republican opponent in the November election, State Sen. Jim Oberweis (R-Sugar Grove), doesn’t think highly of those ideas.

“Oh my gosh, what a lame-brained…stupid idea,” Oberweis said. “I mean, that’s about as nice as I can be about it.”

Oberweis claims companies are following rules Durbin and other Democrats put into place.

Recent Headlines

in Local

Survey: Teachers Still Spend Plenty of Money Out of Pocket

8-31-15 Horace Mann Survey

A new study by Horace Mann insurance suggests teachers spend a lot of their own money on supplies for their classrooms.

in Local

UIS-Led Survey Examines Issues for Transgendered People

UIS logo

A national survey conducted by the University of Illinois-Springfield shows positive attitudes towards the rights of transgendered people.

in Local

Lawmaker: Cut Tax Breaks, Close DCEO

jack franks

State Rep. Jack Franks will propose closing tax loopholes and eliminating what he considers to be unfair credits for businesses.

in Local

Combination-Locked Pill Bottles Now Law

med bottle lock

Illinois is the first state providing for a combination lock on a prescription pill bottle.

in Local

Moody’s Issues Warning About State Credit Rating

Budget Cuts

Moody's: reach a budget agreement by late September.