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

Man Accused of Animal Cruelty

Fresh
scales justice

Faces up to 10 years

in Local

Teen Arrested for Theft From Vehicles

siren

More than 20 cars broken into

in Local

Winter Driving: Need a Refresher?

snowplow

The first winter blast seems to be the toughest

in Local

“Secret Science” Concerns Durbin

durbin

GOP in denial, he says