Madigan proposes cutting business income tax in half

Chicago Tribune –

By Ray Long, Alejandra Cancino and Rick PearsonClout Street8:06 p.m. CST, January 30, 2014

SPRINGFIELD — House Speaker Michael Madigan played a little role reversal Thursday, proposing to cut in half the state income tax on corporations, a move that could further frame this year’s elections along economic lines as Democrats try to stave off Republican efforts to win the governor’s office and lessen their grip on the General Assembly.

The call for a tax cut comes from the same powerful Southwest Side Democrat who only three years ago pushed through a major income-tax increase on individuals and companies and only last month decried that some companies “don’t pay their fair share” in an attack on tax incentives requested by a few big corporations. Business groups gave it a mixed review, with some noting that most small businesses don’t pay the corporate income tax but instead the personal rate that wouldn’t be impacted by the plan.

Madigan’s move may be an attempt to undermine a Republican campaign theme that he and the Democrats who rule state government have enabled the deterioration of Illinois’ slow-to-recover economy and continued high unemployment, particularly through that 2011 tax hike.

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