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Sheldon Whitehouse
Quick Hit
by Ellyn Fortino
Wed Apr 29

The High Cost Of Offshore Tax Havens On Small Illinois Businesses

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.

Quick Hit
by Ellyn Fortino
Fri Dec 20, 2013

New Report Sheds Light On Taxpayer Subsidies For Fast Food CEO Pay

recent report from the Institute for Policy Studies (IPS) reveals that fast food companies have been pulling in large taxpayer subsidies for CEO pay at the same time many of the firms' lowest-paid workers have had to rely on public assistance to help cover their basic needs.

Taxpayers have been subsidizing CEO pay for fast food companies and other firms due to a loophole that allows unlimited corporate tax write-offs on performance-based compensation for top executives.

From 2011 through 2012, CEOs of the top six publicly held fast food companies, including McDonald's, Yum! Brands, Wendy's, Burger King, Domino's and Dunkin' Brands, hauled in a collective $183 million in fully deductible performance pay, which comes out to be a total tax break valued at $64 million, according to the report.

Quick Hit
by Matthew Blake
Mon Nov 12, 2012

Despite Ballot Measures, Action Not Expected On Addressing Money In Politics

The financing of political campaigns is one area where the gap between what voter’s want and what the law of the land is appears vast.

In last week’s election, there were referenda in Illinois and across the country calling for nothing less than an amendment to the U.S. Constitution in order to overturn the U.S. Supreme Court’s 2010 Citizens United decision. Yet U.S. Sen. Dick Durbin (D-Illinois) pretty much acknowledged to Crain’s Chicago Business that Congress has no interest in passing campaign finance reform laws.