News

Hutchinson Tries Again to Close Tax Loopholes

Hutchinson Tries Again to Close Tax Loopholes

Photo: Newsradio WTAX

How hard can it be? Close the loopholes! Close. The. Loopholes.

 

State Sen. Toi Hutchinson (D-Olympia Fields) says it’s easier said than done. “Any incentive or loophole,” she says, “anytime it has risen to an importance level where it makes it into the code, that means there were some pretty powerful people who were lobbying to get it into the code. And, when you blanketly say, ‘OK, we’re going to close loopholes right now,’ those folks who want it in there are going to fight to keep it in there.”

 

That’s a problem facing a bill of hers. She wants to raise about $450 million by:

  • n  Taxing foreign dividends
  • n  Encouraging businesses to earn money in the U. S., rather than overseas
  • n  Repealing the non-combinational rule allowing complex tax shelters

Hutchinson says she introduced this bill last year and says it’s worth another try this year.

 

Recent Headlines

in Entertainment

It’s been 30 years since ‘The Cosby Show’ debuted

cosby

Here are some of our favorite moments from one of America's favorite TV families.

in Music

New Queen album features Michael Jackson collaboration

25-overlay3

The track features vocals from late Queen frontman Freddie Mercury and the King of Pop.

in Entertainment

Jennifer Garner’s life ‘too boring’ for Instagram

jennifer

The "Dallas Buyers Club" actress is adamant she won't join her husband, actor Ben Affleck, on Twitter either.