The Illinois corporate income tax rate is not 4.8% as some politicians and media writers have erroneously reported, but actually 7.3%. While the base rate is 4.8%, a constitutional amendment passed in 1980 added another 2.5%. This additional tax was named the “personal property replacement tax,” but no matter what they call it, it’s still a corporate income tax.
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SPRINGFIELD – Jim Tobin, President of National Taxpayers United of Illinois (NTUI), named State Senator Deanna Demuzio the “Tax Villain of the Month” at a press conference yesterday in Springfield, the Senators’ district. Tobin distributed “wanted flyers” for the tax villain that summarized how Demuzio earned the designation.
You can watch the video from NBC TV 17’s coverage of the press conference below. NTUI has no control over the content, including advertising.
“Today’s taxes are already oppressive, but things have truly gotten out of hand when research into the possibility of passing new taxes is funded by taxpayer dollars,” warns Jim Tobin, president of Taxpayers United of America.
Researchers at the University of Illinois at Chicago have reportedly received $1 million from the National Heart, Lung and Blood Institute to study the relationship between “fat taxes” and food consumption, diet quality and obesity. Taxpayers know what’s on the horizon: new taxes on soft drinks.
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