If Illinois small business owners were to collectively offset state and federal revenues lost annually due to corporations using offshore tax havens, they would each have to pay $4,570 in additional taxes a year.
That what-if scenario is laid out in a recent report from the Illinois Public Interest Research Group (PIRG) examining the issue of "corporate tax haven abuse" and what it means for small businesses.
Through the use of accounting "gimmicks" to shift profits offshore, corporations avoid paying $110 billion annually in federal and state income taxes combined, according to Illinois PIRG's "Picking up the Tab" report. Specifically, about $90 billion in federal and $20 billion in state corporate income tax revenue is lost each year to tax havens, the research reveals.
The state's Monetary Award Program (MAP) is expected to see 3,000 fewer eligible students get college assistance grants this fiscal year, according to Katharine Gricevich with the Illinois Student Assistance Commission.
On Workers' Memorial Day, a coalition of local worker advocates applauded the U.S. Occupational Safety and Health Administration (OSHA) Tuesday morning for recently addressing "serious" safety and health hazards at Nippon Sharyo's passenger train factory in Rochelle, Illinois.
Standing outside Chicago's John C. Kluczynski Federal Building, the location of OSHA's Region 5 office, members of the Illinois Jobs to Move America coalition observed a moment of silence in honor of workers across the nation who have been injured or killed on the job and also called attention to problems at Nippon Sharyo's Rochelle facility. The Illinois Jobs to Move America coalition is comprised of community, faith, environmental and labor leaders, among others.
"The job of an assembly technician at a Ford assembly plant in Chicago shouldn't be so different than a job of [an] assembly technician at Nippon Sharyo['s] factory in Rochelle," Tony Garcia, Illinois legislative director from United Automobile Workers (UAW) Region 4, said. "But based on Nippon's OSHA violations, they are worlds apart ... Irresponsible non-union employers like Nippon Sharyo take a different approach, often cutting corners, doing training on the fly -- or not at all -- and using the cheapest inadequate equipment ... It's time for Nippon Sharyo to fix the hazardous conditions in its factory, and tell the public how they're going to do it."
Last week, the Illinois Senate passed legislation that would reform school discipline policies. Progress Illinois takes a look at the pending bill, now under consideration in the Illinois House, and the problems it aims to address.