Lawmakers want to cut back the income tax rate for businesses but some wonder why there's no talk about doing the same for working people. In a late-night end of the 96th General Assembly session last January, lawmakers passed a measure increasing the state's income tax by two-thirds and the state's business income tax by 46-percent. State Representative Dan Beiser says if the state is going to address tax issues, working famiies should get first priority.
Individuals pay five-percent in income taxes thanks to the raised rates. That rate is supposed to go back down to three-point-75 percent in 2015. Beiser says families need help now, and supports Senate Bill 400, which allows families to couble the credit they can claim through the Illinois Earned Income Tax Credit.
The Alton Democrat does not support the highly-publicized measure that gives breaks to large corporations like the Chicago Mercantile Exchange and Sears. Som eRepublicans say helping businesses means more jobs for people, because they have the ability to put people to work. Republicans introduced a bill to scale back corporate income taxes from seven- to six-percent in January. They'd scale it all the way back to four-point-eight percent next year.