tax

State leaders aren't discussing how Illinois can bring in more tax money; not yet anyway. Given the state's growing deficit they'll get there one day. The state's leading group for retirees is on the offensive over one particular tax break.

John Knowles

Bruce Rauner says there's "nothing sinister" about venture capital firms using the Cayman Islands as a tax shelter, but says he has never used the investment vehicle for his personal benefit. 

A recent report by the Chicago Sun-Times details that a portion of his earnings have connections to the Cayman Islands -- considered a tax haven for the wealthy.

Until he stepped down to run for governor, Rauner was head of a capital investment firm, GTCR, which has several investment pools there.

ILGA.gov

Illinois will keep its flat income tax, despite an effort to move to a graduated one.

Based on the General Assembly's schedule, the Senate would have had to pass the proposal Tuesday in order to meet a constitutional deadline.

Instead, senators adjourned without a vote.

The measure's sponsor, Senator Don Harmon, D-Oak Park, sticks by the plan.

He says would allow Illinois to be nimble with tax policy.

Amanda Vinicky

  State legislators are advancing a measure that attempts to lure chemical plant jobs to Illinois, but broader plans to offer companies like ADM incentives are not ready just yet. 

Archer Daniels Midland is the highest-profile case of a company looking for a tax break from the state, in exchange for creating jobs. In ADM's case, the company is looking to move its global headquarters from Decatur to ... maybe Chicago, maybe a city in another state.

Amanda Vinicky

As gas prices rise and fall, there's one constant: however much you pay to fill your gas tank, it's taxed. Several proposals would change how.

In Illinois, gasoline is taxed twice.

"What we have in Illinois is a tax on a tax," Rep. Jack Franks (D-Marengo) says. "Which is just wrong. Because right now we get charged with the motor fuel tax. But then on top of that, they charge a sales tax."