In his budget address today, Governor Pat Quinn called for closing corporate tax loopholes, saying ‘For too long, we’ve had a revenue code that looks like Swiss cheese, with plenty of loopholes for the powerful.’
With tough budget decisions facing the State, closing tax loopholes that serve no public purpose, is the right thing to do. A corporation that benefits from our roads, educated workforce, and security and makes profits in Illinois should—like all of us who earn income here—pay the taxes it owes. But when corporations take advantage of loopholes in our tax code to avoid paying state and federal taxes, the rest of us are forced to shoulder the extra burden through higher taxes, fewer services, or a larger share of the debt.
The General Assembly should stand up for Illinois taxpayers by not only closing tax loopholes, but ensuring accountability and transparency in the economic development subsides the State provides. We can’t afford these special interest giveaways anymore.