CHICAGO (WBBM) -- Governor Blagojevich is reportedly considering a tax on a company’s gross receipts, instead of the current corporate income-tax, as a way to get more revenue.
WBBM Political Editor Craig Dellimore reports reports Mayor Daley is willing to look at the idea, but not yet ready to support it.
Crain’s Chicago Business reports 37 of the “Fortune 100” companies didn’t pay any income tax in 2004, "despite average Illinois sales that year of more than a billion dollars.
That may be one reason why Governor Blagojevich is, at least, considering a tax on “gross receipts”, all the money that a company gets, istead of on net income.
Mayor Daley’s open to the idea. He says he’d have to analyze the idea, and determine whether it could even pass in the legislature.
He also wants to gauge reaction from the business community. The Mayor also says there would have to be some guarantee that it would be coupled with property-tax relief.
The Mayor strongly feels the state relies to heavily on real estate taxes to finance education.
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