If Illinois small business owners were to collectively offset state and federal revenues lost annually due to corporations using offshore tax havens, they would each have to pay $4,570 in additional taxes a year.
That what-if scenario is laid out in a recent report from the Illinois Public Interest Research Group (PIRG) examining the issue of "corporate tax haven abuse" and what it means for small businesses.
Through the use of accounting "gimmicks" to shift profits offshore, corporations avoid paying $110 billion annually in federal and state income taxes combined, according to Illinois PIRG's "Picking up the Tab" report. Specifically, about $90 billion in federal and $20 billion in state corporate income tax revenue is lost each year to tax havens, the research reveals.
Illinois public and private sector leaders are joining U.S. Rep. Bill Foster (D-IL,11) in an effort to help boost jobs and economic development in Will County and the Chicago region.
Foster kicked off his "Project Growth" initiative at a panel discussion in Joliet on Friday. The endeavor is focused on four key issues: education, manufacturing, strengthening the middle-class and transportation.
“My goal in launching Project Growth is to do deep examinations of what’s working in our communities, what isn’t working, and what we can be doing to better support job creation and more economic development,” the congressman said at the launch of his new initiative.
The following is written by Ron Kurowski of the South Suburban MoveOn Council.
It is not unusual for a company if it is in financial distress, faced
with outrageous demands or is unable to compete in a tough
economy to play hard-ball during contract negotiations with a union.
However none of these apply to the strike by Local 851 of the
International Association of Machinists at Caterpillar’s hydraulic
manufacturing plant in Channahon, IL. That is what makes this
work-stoppage so troubling.
Caterpillar is a very
profitable company. It reported second-quarter profits of $1.7 billion,
up 67 percent from a year earlier; a year in which Caterpillar earned
$4.7 billion in profits. Despite its profitability and the fact that
Caterpillar workers had their wages frozen during the previous six-year
contract, the company is demanding the wage freeze be extended for its
780 union members for six more years, that workers pay a greater share
of health care costs and that major changes be made to the seniority
provision in the contract.