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 Music

Whitesnake rocker David Coverdale relives time with Deep Purple

coverdale

The band's 12th studio album, "The Purple Album," will be Coverdale and company's first with new guitarist Joel Hoekstra.

in Music

Ian Anderson dashes hopes of original Jethro Tull reunion

jethrotull

The frontman insists there will be no classic line-up reunion.

in Music

Aretha Franklin to mentor ‘Idol’ wannabes

franklin

The soul star is also slated to perform on an upcoming episode of "American Idol."