Nine corporations get to keep the state income taxes paid by all of their employees. No money for children, the elderly, the disabled, our infrastructure?
Yes. Nine of the largest corporations in Illinois get to keep the state income taxes they collect from their employees. Elected officials approved this.
Illinois claims that it is too broke to pay for:
mental health clinics
Medicaid extensions for the poor and disabled
public schools and career teachers
special education services
contracted earned compensation to retired employees (pensions)
and more – many more – necessary services.
The state is also cutting the state income tax from 5% to 3.75%. Yes, cut state revenue because the state lacks sufficient revenue as the state declares that the state is broke.
While this self destructive activity is going on, the largest Illinois corporations will continue to keep the state income taxes that their employees pay.
Democratic Gov. Quinn began this theft and the Democratic super-majority House and Senate legalized this. Tea Party darling and billionaire Republican Gov. Bruce Rauner continued this revenue draining process after his recent election.
Best friends and reciprocal-political supporter Mayor Rahm Emanuel (D) made the historical and amazing invitation to Gov. Bruce Rauner (R) to address a Chicago City Council meeting to tell them that Chicago will NOT get the state money it has previously received. This isn’t reaching across the aisle to show bipartisan support; it is legalized theft by legislative thieves and liars. Collusion of shock and awe tactics. Read Naomi Klein’s The Shock Doctrine.
Why would Gov. Rauner (R) and 30 year Speaker of the House Mike Madigan (D) knowingly destroy the state’s financial standing while claiming they are saving the state?
Lower bond ratings make higher interest rates for investment firms and private equity money managers. These investors (Democrats, Republicans, multinationals and even non-Americans) get the money -our tax money. These investors paid (donated) to “support” their buddies (D&R) who in turn pay (incentivize) them. The lawmakers made laws to make this process (supposedly) legal.
(Note: The graph is from Crain’scalculations from the Illinois Department of Commerce and Economic Opportunity.)
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