Thursday, January 13, 2011

Illinois lawmakers just passed a 66% Corporate TAX CUT !

A 66% TAX CUT? There's a program in Illinois which offers businesses who come to the state, to take a tax CREDIT [meaning they get to deduct 100%] of the taxes their employees pay. The program is designed to bring new business to Illinois. It's called the EDGE TAX CREDIT.
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If a corporaton would have owed $20 million in corporate income taxes, but they had employees pay taxes of $19 million, the corporation's tax liability is cut to $1 million.

Now that the tax increase means new emloyees are going to be paying 5% instead of 3% in taxes..... the corporations in this program will be getting a 66% TAX CUT in their corporate taxes that are due. So was the vote to increase taxes... or cut them ? It depends on which tax you're referring to.


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