While corporations are “cleaning up” with secret tax-breaks, we are paying the price for corporate tax dodging in the form of increased taxes and fees, cuts to city services, school closures and crumbling infrastructure.
The Chicago Corporate Responsibility and Tax Disclosure Act would require corporations that get subsidies from or do business with the city to disclose how much they pay in state corporate income tax and what special tax breaks they use to reduce their payments.
But Mayor Emanuel has been dragging his feet in offering his support for corporate tax transparency. So we’re going to ask Rahm what he’s hiding and help bring a little transparency to his office by washing the glass doors to his office.
Washing Rahm’s Windows, Calling for Corporate Tax Transparency
10 a.m. – 11:15 a.m. on Thursday, September 25
Chicago Temple, 77 W. Washington Ave., 2nd Floor
We’ll meet at the Chicago Temple and march over to Emanuel’s office as a group.
Last year, the City of Chicago’s share of Illinois’ corporate income tax revenue was $390 million. Yet fully two-thirds of corporations doing business in Illinois pay NO state corporate income tax. Chicago is likely losing tens of millions of dollars in per year in revenue to corporate tax dodging at the state level.
When corporations profit from special tax breaks, the city must raise taxes and fees on regular citizens and cut important services. Here are a few examples:
•Red light cameras cost Chicagoans more than $71 million per year (and almost $500 million since 2007)
•Pothole and street repair from the 2013-2014 winter could cost as much as $200 million (as estimated by Mayor Emanuel)
•Chicago cut $6.7 million per year from Chicago Public Library’s budget in 2012
•Chicago closed six mental health clinics with the hope of saving $2.2 million per year in 2012
What good things would YOU like Chicago to do with tens of millions of dollars in extra revenue? The first step in restoring this revenue is to know where its going instead, so I hope to see you on Thursday!
David Hatch, Executive Director