Found this on WTTW on Monday, August 24th:
“’Tax loopholes’: it’s a nebulous phrase that often gets tossed around, but nobody really knows what it entails.
“Chicago Tonight has learned that a new bill will be filed, perhaps this week, by Democratic state Rep. Jack Franks.
“According to Franks’ estimates, that bill would close $3 billion in loopholes and will bring in new revenue without cuts or tax hikes.”
And, then, there was this:
“…House Speaker Michael Madigan is heavily supporting this effort…and has met with Franks multiple times to discuss the bill.”
“A big one would involve a change in the way the state collects income tax on corporations. In fact, it would be a reversion to the way the state used to collect the money up until 1996.”
Since that would cost business more, they are opposed.
The article continues,
“Franks also says he has a litany of other loopholes and tax breaks he wants to close that would add up to $2.9 billion.
“He’s proposing to end subsidies for ethanol production in Illinois and that could bring in $120 million.
“More efficient management of the Illinois lottery, he says, could net hundreds of millions, and he proposes an end to a $32 million tax break that newspapers receive on the purchase of ink.”
= = = = =
This move by Jack Franks reminds me of a disagreement I had with my father about U.S. Senator Paul Simon.
My Dad was enamored by Simon’s support of a Balanced Budget Amendment.
“That’s fine, Dad,” I told him, “but you know that Simon would balance the budget by raising taxes, right?”
Sounds a lot like what Jack Franks is proposing.