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, Weird

New Jersey Christmas tree controlled by tweets

Fresh
treetweet

Twitter users anywhere in the world can control the lights on this holiday display.

in Entertainment

Leaked Sony emails reveal Idris Elba in line for ‘Bond’

Fresh
idriselba

A leaked Sony email named British actor Idris Elba as the frontrunner to replace Daniel Craig as James Bond.

in Music

Nicki Minaj releases short film with ‘Pinkprint’

Fresh
18-overlay3

*NOTE: VIDEO CONTAINS SOME EXPLICIT LANGUAGE. VIEWER DISCRETION ADVISED.* Rapper Nicki Minaj has released a short film to go with…

in Entertainment

Sarah Jessica Parker eyes return to small screen

Fresh
sarahjessicaparker

The "Sex and the City" star could be heading back to HBO.

in Music

Usher seeks second restraining order against woman

usher

The singer has asked a court to prevent Darshelle Jones-Rakestraw from harassing him at home and on tour.