To help tackle the city of Chicago's pressing fiscal issues, one alderman floated a corporate income tax as a revenue option on Tuesday.
"I understand there's a lot of people who want to tax the actual financial transactions. But a better way to get at it is to actually tax the income. A corporate income tax could apply to a certain set of businesses, so you can keep it away from smaller businesses," said Ald. Ameya Pawar (47th), reported the Chicago Sun-Times. "Chicago instituting a corporate income tax for large-scale businesses is not a bad idea, give that New York does it and they have Wall Street. We're also the center of the financial industry. I don't see why we couldn't do it as well."
Chicago has never had a corporate income tax, a move that would need approval from the Illinois General Assembly, which is currently locked in a state budget battle.
Aldermen have put forward other Chicago revenue ideas such as a city income tax that would cover individuals, a tax on smokeless tobacco and the elimination of free city garbage pickup for some 1,800 multi-unit buildings still getting the perk, to name a few proposals.