News

Republicans Dislike Tax Ideas

Republicans Dislike Tax Ideas

Republicans in the General Assembly who oppose a progressive income tax say they oppose it even if the corporate income tax were abolished.

They frame their opposition to a progressive income tax – one that charges higher rates on higher levels of income – as such a tax being bad for business. But take away the corporate income tax altogether, and it’s still bad, says State Sen. Matt Murphy (R-Palatine).

“It’s an interesting concept, because we do have one of the highest corporate taxes in the world right now. The concern that I would have with that is the large number of small businesses that are operated by people who pay the individual rate,” he said.

The corporate income tax rate is 7 percent, though businesses pay another income-based tax that adds up to 9.5.

A progressive income tax is being discussed in Springfield. It would require a constitutional amendment.

 

Recent Headlines

in Entertainment

Tom Cruise takes on Jimmy Fallon in latest lip-sync battle

Fresh
17-overlay12

The Weeknd, the Righteous Brothers, and Meat Loaf are among the artists to get reinterpreted in this battle between "The Tonight Show" host and the "Mission Impossible" star.

in Sports, Viral Videos

WATCH: Ohio State football players ‘dummy’ prank

24-overlay17

This Nike uniform "mannequin" did a better job bringing quarterback Cardale Jones to the ground than any Oregon player.

in Music

Mariah Carey to receive star on the Hollywood Walk of Fame

mariahcarey

The superstar will cement her place in pop history by unveiling her own star next week.

in Viral Videos

Orangutan is a big fan of this mom-to-be

24-overlay16

This pregnant woman's trip to the zoo was a one-of-a-kind experience.

in Music

Ed Sheeran lands role in Medieval drama

edsheeran

The "Thinking Out Loud" hitmaker has revealed he is set to join the cast of a new series about a 14th-century warrior who gives up fighting to become an executioner.