Illinois loses hundreds of millions of dollars in federal revenue because of company’s corporate tax evasion, charge activists, while 80% of Illinois residents support corporate tax transparency.
On Monday, July 1 at noon, Fair Economy Illinois and their partner organizations are hitting one of the nation’s biggest corporate deadbeats to raise awareness about the company’s sweeping failure to pay their fair share of Illinois and federal taxes. The protest is part of a broad campaign to support corporate tax transparency legislation in Illinois, in what promises to be one of the fall legislative season’s most energized grassroots legislative efforts in Springfield.
Illinois doesn’t have to be broke, charge activists. Two-thirds of corporations operating in the state pay no Illinois corporate income tax – and the target company’s tax evasion alone costs hundreds of millions of dollars in lost revenue each year for Illinois residents and their schools, public safety systems and other civic agencies.
81% of the State of Illinois’ revenue comes from income and sales taxes on goods purchased by ordinary residents, while only 8% of Illinois’ revenue comes from corporate income tax payments. That fundamental inequity forces working people to pay higher taxes – and forces children, the elderly, the disabled, state employees and local communities to bear the burden of cuts to education, healthcare, retirement security and frontline public services, say tax accountability advocates.
Tax fairness starts with tax transparency, say members of Fair Economy Illinois and its partner groups, who are pushing legislation in Springfield that would force the disclosure of corporations that are paying no taxes in Illinois – and the reasons for those tax dodges. House Bill 3627 — introduced this May by Barbara Flynn Currie — would address the current cover-up. The Senate passed a similar bill, SB 282, in November but it was killed in the House Revenue Committee by both Democratic and Republican legislators.
Nearly 80% of Illinois voters say legislation to require publicly-traded corporations to disclose how much they pay in Illinois corporate income tax is a good idea — with 75% of Republicans, 80% of Democrats and 84% of Independents saying it is a good idea — according to a survey by Public Policy Polling. Read the entire poll here: http://bit.ly/17lvzaH
Fair Economy Illinois: http://www.faireconomyillinois.org
NEWS ALERT: For Immediate Release
Press Contact: Don Floyd, firstname.lastname@example.org, 815-751-5621; Chris Geovanis, email@example.com, 312-446-4939
Protest/Direct Action: Leading Corporate Tax Deadbeat
Monday, July 1, noon, Chicago, IL: Location to be announced
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