To: Governor J.B. Pritzker
Close Offshore Tax Haven Loopholes. Bring Money Back to Illinois
Illinois PIRG
I support closing offshore tax havens. Please support legislation that would close offshore tax haven loopholes.
Why is this important?
Last year, in the midst of a budget crunch, Illinois could have generated $108.3 million if we modernized our state’s tax code by closing offshore tax haven loopholes with a simple reform similar to recent laws enacted in Oregon and Montana. This would eliminate incentives for moving businesses offshore, level the playing field for Illinois businesses that compete with multinational corporations, and protect regular taxpayers who are picking up the tab for tax dodgers.
The $108.3 million saved would be enough to cover the salaries for 3,000 Illinois teachers, or could be used to eliminate hunting and fishing license fees and cut amusement licenses by over 90 percent without any loss of revenue.
Rather than waiting for Congress to close offshore tax havens, Illinois can follow the lead of other states and save millions of dollars to help alleviate our budget crisis without raising taxes or cutting spending to important public programs.
The $108.3 million saved would be enough to cover the salaries for 3,000 Illinois teachers, or could be used to eliminate hunting and fishing license fees and cut amusement licenses by over 90 percent without any loss of revenue.
Rather than waiting for Congress to close offshore tax havens, Illinois can follow the lead of other states and save millions of dollars to help alleviate our budget crisis without raising taxes or cutting spending to important public programs.