I appreciate the governor of Illinois confirming a point that
I made in my drafts of “Graduation
exercise” but which I couldn’t squeeze into the finished piece. From Doug Finke:
Rauner, speaking at an event in
Springfield Monday, said a graduated state income tax would be a bad idea for
Illinois, especially for small businesses that often organize themselves to pay
taxes under the personal income tax rate rather than the higher corporate rate.
If we can’t trust legislators not to impose new taxes,
we also can’t trust the rich to pay old ones. A lot of these guys see resort to legal
accounting fiddles such as businesses masquerading as individuals as akin to
civil disobedience. Ditto their use of shell companies, or bullying legislators
to pass state-sanctioned tax exemptions,
credits and deductions. They can afford to hire accountants and
lawyers adept at such scnemes – and write off the costs – while working
stiffs get it in the neck.
This article appears in Apr 28 – May 4, 2016.
