Corporations need to pay their fair share. Period.
Fact: The state of Illinois is flat broke. Medicaid has been slashed, and amongst other cuts 18,000 pre-Kindergarten kids are out-of-luck.
Fact: According to the Illinois state department of revenue, 70% of all publicly traded corporations in Illinois don't pay any state taxes at all.
Step 1: We need a corporate tax disclosure law that requires all publicly traded corporations doing business in Illinois to disclose how much they pay.
Fair Economy Illinois is working on policy change.
IPA is in alliance with Chicago based community groups: IIRON, One Northside and the Jane Adams Senior Caucus. This coalition is called Fair Economy Illinois. In 2012, we raised some of the earliest and loudest voices against the legislature's multi-million tax giveaway to the Chicago Board of Trade, Chicago Mercantile Exchange and Sears. They threatened the state with leaving - they won, and we all lost a couple hundred million dollars in tax giveaways to corporations that should have helped our children.
We're not done. Working with Illinois state senate President Cullerton (D-Chicago) we introduced SB282, "Illinois Tax Disclosure and Responsibility Act". If adopted, the bill would make big corporations tell the people of Illinois the truth about how much Illinois tax they pay.
Press: Progress Illinois, May 14, 2012 Business Butts Heads With Cullerton On Corporate State Income Tax Transparency Bill
A bill currently making its way through the Illinois Senate that would require public-held companies to report how much they pay in state income taxes is being lauded by a local community group as being a first step toward creating a more equitable tax structure, while business leaders have decried the measure, alleging it could further perpetuate the state’s reputation of being a bad place to do business.
The proposed measure was introduced last week by Senate President John Cullerton and would call on companies doing business in the state to reveal what they earned in Illinois, as well as how much they were taxed both before and after receiving any tax credits.
According to Cullerton spokesman Ron Holmes, the purpose of S.B. 282 was to create a template in which legislators as well as the public could effectively evaluate how the state goes about ensuring fairness when it came to its corporate tax policy. (read more)