tax

Election 2014
9:55 pm
Thu August 7, 2014

Rauner: "Nothing Sinister" About Cayman Investments

Republican candidates for governor Bruce Rauner, a former private equity investor, answers questions from the media at the Illinois State Fair Thursday evening.
Credit 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.

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Deadline Missed
9:17 pm
Tue April 29, 2014

Illinois Keeps Its Flat Tax, As Graduated Tax Plan Dies

Sen. Don Harmon, D-Oak Park
Credit 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.

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Tax Credits
6:46 am
Wed November 6, 2013

Legislators Set To Give Tax Breaks ... But Not Yet, ADM

Director of Illinois' Department of Commerce and Economic Opportunity testifies at the House revenue committee about tax incentive options offered to companies looking to locate to Illinois, or threatening to leave the state.
Credit 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.

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Gasoline Taxes
9:53 am
Tue September 10, 2013

Spending, Savings Fuel Gas Tax Proposals

Credit 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."

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