The Illinois state corporate income tax continues to be understated by reporters and politicians, according to Jim Tobin, the president of one of the nation’s largest taxpayer groups, Taxpayers United of America (TUA).
“The total Illinois corporate state income tax rate of 9.5% includes a base rate of 7% and another 2.5% on top of that, which was added by constitutional amendment in 1980,” says Tobin, “The additional tax was called a ‘personal property replacement tax,’ which purportedly replaced a 19th-century tax that was not even being collected.”
“But the government game of misrepresenting the actual corporate income tax rate is perpetuated by a press that is either lazy, sloppy or part of the conspiratorial group who would drive taxes even higher.”
“Let’s not forget that the Chicago Sun Times, who consistently understates the corporate income tax rate, also supported Gov. Quinn’s 67% income tax surcharge increase.”
“I guess if the press can’t ask the hard questions of the lawmakers, such as what’s the plan for fixing Illinois’ financial house of cards, it’s up to us to ask why not?”
“It is also reasonable to ask how much responsibility lazy or incompetent press bears in the state’s financial and corrupt cesspool when they fail to do basic diligence, much less responsible, investigative journalism.”
The facts are available at the Tax Foundation in Washington, D.C., “The Illinois corporate state income tax rate, raised from 7.3% to 9.5%, rose from being the 21st highest overall corporate tax rate in the country to 4th highest.”
“This is the third time since October we have provided this information to all members of Illinois Press,” says Tobin