How Big Business Benefits From The Swap

The website Chicagoist makes fun of the Civic Committee's tax swap proposal, noting that it would, among other things good things (like increasing school funding for CPS), reduce taxes on corporations:

"Concerned about the state's unfunded
liabilities, to the tune of over $100 billion dollars, the Civic
Committee of the Commercial Club of Chicago is calling for state
spending cuts of about $1 billion, and an income tax increase of 1
percent, including an increase on the corporate tax by 1.6 percent," according to the story (Big Business: Screwing You With a Smile).

it may seem shocking at first glance to hear a business group call for
an increase in the corporate income tax rate, the truth is that
avoiding the tax swap actually will save money for the Commercial
Club's members, to the tune of nearly 3 percent...Chicagoist finds all of this disturbing. Schools are underfunded
(that's nothing new), but we feel like there is a general sense of
cheapness by all involved in the state from homeowners, to business,
to politicians and children in poor communities are paying the price."

Filed under: Campaigns & Clout

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