NEW REPORT: Illinois banks and corporations cost the state billions during revenue crisis
As Illinois faces a dire budget deficit and debates where to cut to, a report released today by Make Wall Street Pay Illinois details how Illinois Banks and Corporations are not paying their fair share leaving taxpayers to pick up the tab. More than 384,000 homes are expected to go into foreclosure in Illinois by the end of 2012, which will likely cost taxpayers $7.4 billion to clean up.
The report also reveals the impact of corporate tax breaks. The budget passed by the Illinois House, which many speculate will be the final budget, cuts critical services by $600 million. This is the same amount that corporations will receive in tax breaks due to the bonus depreciation corporate tax break.
Make Wall Street Pay Illinois is calling on legislators to roll back the corporate tax break that could cost the State of Illinois $600 million, to pass HB 1810 and HB 1109 which will allow communities to recover the cost of foreclosures and stabilize and rebuild communities, and for AG Madigan to hold hearings on toxic “interest rate swaps” costing the state over $88 million per year, and cities and towns millions more.
To read the full report, click here.