Jan 24, 2011
Pretending that the state’s budget deficit requires “everyone to sacrifice,” Illinois raised individual income taxes by 67%, while corporations were hit with a smaller increase, 46%.
And in fact, what corporations will pay is much less than that. They have literally thousands of loopholes to reduce or even eliminate their taxes. Caterpillar, for example, paid no state income tax, even though it had 895 million dollars in profits in 2009. Individuals have no loopholes.
Year after year, the various state legislatures and governors have given bigger and bigger gifts to the corporations. No wonder the state is short of money. But instead of making the corporations come up with some of their ill-gotten gains, the state puts its hands in our pockets.
If there was anything that proves how the politicians serve the corporations and the wealthy, this is it. And the Democrats can’t even blame the Republicans, since the Democrats control both houses of the legislature and sit in the governor’s mansion.