GOP Leaders Want To Dump Corporate Income Tax
SPRINGFILED, Ill. (IRN/KMOX) - Republican leaders in Springfield are trying to start a discussion on rolling back income tax rates.
Reforming the entire tax system, including what is subject to sales tax and how much schools depend on property tax, is a long-term goal of tax policy experts. For now, State Sen. Matt Murphy (R-Palatine) says the state should help businesses by repealing the corporate income tax increase of 2.2 percentage points that took effect this year – raising the rate from 4.8 percent to 7 percent.
“Let’s have the conversation right now. Speaker Madigan, President Cullerton, Gov. Quinn, if you wanna help solve this problem [unemployment] on a broad-based solution, let’s talk about getting rid of the corporate tax increase. Let’s talk about it. Let’s do it in the Veto Session,” he said.
Murphy says the state could get rid of corporate income tax altogether. That tax produces an estimated $1.2 billion in revenue per year.
However, House Minority Leader Tom Cross (R-Oswego) says the speaker has shown no willingness to have a discussion either to reform taxes overall or to trim corporate income tax rates. Therefore, he says, it’s essential to focus on cutting spending where possible.
The Veto Session is scheduled for Oct. 25-27 and Nov. 8-10.