16 ONE Northside Leaders go to Springfield for Corporate Tax Transparency
On Wednesday, October 23, 16 ONE Northside leaders joined with over 100 Illinoisans from the Fair Economy Illinois coalition to go to Springfield to talk with state legislators about the need for corporate tax transparency – HB 3627.
We began our work on corporate tax transparency in 2010 when many of Lakeview Action Coalition’s social service members were experiencing significant cuts at the federal and state level. We knew the solution to prevent this onslaught of budget cuts was to raise new revenue. Research showed that corporations are not paying their fair share in our state. In fact, 2/3 of corporations pay $0 corporate income tax dollars in Illinois. We also learned that 55% of the state’s revenue comes from individual income tax, 26% comes from the sales tax, and only 8% comes from corporate income tax.
Before we can create a fair tax code, we need corporate tax transparency. This simple piece of legislation would require publicly traded corporations to disclose how much they pay in taxes to the state and what tax breaks they’re using. This information would be made available to the general public 2 years later via the internet. Not only do you and I have no way of knowing which corporations are contributing to our state’s fiscal health, our legislators also do not have this information. They cannot make informed decisions about the continual request for more tax breaks by Big Corporations when they do not know how much those corporations are actually paying to the state.
Lobby day helped us gain five new co-sponsors, bringing our list to 21 legislators. We also did an action on Speaker Madigan since he has refused to meet with us for the past year and a half. Our action outside his office got us a front page story on the Chicago Tribune’s business section on Thursday, October 24. Read it here: TribuneArticle.
All of ONE Northside’s state legislators (Rep. Feigenholtz, Rep. Harris, Rep. Williams) are co-sponsors of HB3627, except for one. Rep. Kelly Cassidy still has not added her name as a co-sponsor. Please call her office at 773-784-2002 and say you’re a leader with ONE Northside and you want Rep. Cassidy to add her name as a co-sponsor of HB3627. If you want to get involved in the fight to make corporations pay their fair share, contact Hannah Gelder at firstname.lastname@example.org.