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SPRINGFIELD, Ill. (AP) - A proposal to impose an additional tax on millionaires is advancing in the Illinois Legislature.
 
A House committee voted 6-4 along party lines Thursday to approve Democratic House Speaker Michael Madigan's proposed constitutional amendment. It would tack a 3 percent surcharge onto income over $1 million.
 
The measure now advances to the House floor.
 
Madigan says the tax would raise $1 billion a year for elementary and secondary education - about $550 per student.
 
Republicans say the tax unfairly penalizes Illinois' most successful residents.
 
The issue is expected to be a focal point in the race between Democratic Gov. Pat Quinn and Republican Bruce Rauner, a wealthy businessman.
 
The candidates present starkly contrasting visions of how to fix Illinois' lagging economy and improve state finances.
Published in Local News
Thursday, 27 February 2014 15:44

Missouri Senators pass "border war truce"

JEFFERSON CITY, Mo. (AP) - Missouri senators have passed legislation proposing a truce with Kansas in the battle for businesses in the Kansas City area.
 
The bill approved 30-2 Thursday would end offers of special tax incentives for businesses to relocate from one side of the border to the other in the metropolitan region.
 
The measure now goes to the Missouri House. But the truce also would need approval from the Kansas Legislature or governor to take effect.
 
Over the past five years, Missouri and Kansas have collectively waived hundreds of millions of dollars of tax revenues for businesses that moved across the state line.
 
The Missouri legislation would bar incentives for businesses moving between the Missouri counties of Jackson, Clay, Platte and Cass and the Kansas counties of Wyandotte, Johnson, Douglas and Miami.
 
Published in Local News
SPRINGFIELD, Ill. (AP) - An Illinois lawmaker wants tax soft drinks as part of an effort to promote healthy living.
 
The Springfield bureau of Lee Enterprises Newspapers reports the legislation is being sponsored by Sen. Mattie Hunter, a Chicago Democrat.
 
Her proposal would charge a penny-per-ounce surcharge on sugary drinks that are sold in sealed containers.
 
Money generated from the levy would be used to pay for a variety of health services and educational efforts.
 
But Hunter's plan is already drawing criticism from the Illinois Coalition Against Beverage Taxes. The group is an alliance of manufacturers, retailers and union workers. They say taxing sodas would hurt the economy and cost the state jobs.
 
Other states have a similar tax, but previous efforts haven't been approved in Illinois.
Published in Local News
Tuesday, 15 October 2013 13:36

Taxes due for those who filed an extension

The taxman is back today for those of you who filed an extension with the IRS in April.

Today is the deadline to file those returns. October filers won't be seeing their returns immediately, the IRS says it will not issue refunds until the government shutdown is over. More than 90 percent of IRS workers are currently furloughed.

Published in Local News

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