Inside these posts: Taxes

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Caterpillar threatens to leave Illinois over taxes

Caterpillar Inc., suggesting that it could shift jobs out of Illinois, is prodding its home state to cut government spending and roll back tax increases.

Doug Oberhelman, chief executive officer of the giant Peoria-based maker of construction and mining equipment, protested against the state’s tax and spending policies in a March 21 letter to Illinois Gov. Pat Quinn, a Democrat who took office in January 2009.

“I want to stay here,” the letter said. “But as the leader of this business, I have to do what’s right for Caterpillar when making decisions about where to invest. The direction that this state is headed in is not favorable to business, and I’d like to work with you to change that.” Get the full story »

Indiana steps up efforts to lure Illinois business

Indiana is cranking up its push to lure Illinois businesses in the wake of tax increases here, rolling out a $250,000 marketing campaign that tries to position the Hoosier state as a lower-tax option.

“Feeling Squeezed by Taxes?” is the tagline on a Northwest Indiana campaign launching Monday in Chicago print and electronic media, and it dovetails with a broader Indiana push rolled out late last month, using the tagline, “Illinnoyed by Higher Taxes?” Get the full story »

GM can avoid federal taxes on $50B of profits

General Motors will not have to pay U.S. federal taxes on up to $50 billion of profits for as long as 20 years, The Wall Street Journal reported on Tuesday, citing people familiar with the matter.

With the standard federal corporate tax rate at 35 percent, that tax break could save GM $17.5 billion, not factoring in tax deductions, the Journal reported. Get the full story »

Chicago lawyer pleads guilty to tax shelter fraud

From Bloomberg | Chicago attorney Erwin Mayer has pleaded guilty to conspiracy and tax evasion charges for his role in a billion-dollar phony tax-shelter scheme that brought down his law firm in 2007.

U.S. says number of rich paying estate tax drops

The wealthy few who pay a tax on inheritances has dropped significantly over the last decade, according to data released by the U.S. government on Friday. Get the full story »

Bill on outsourced jobs fails Senate test

As expected, a Senate bill designed to end tax breaks for U.S. companies that move jobs and manufacturing plants overseas failed a key test vote Tuesday.

With a 53-45 vote, Senate Republicans blocked a Democratic efforts to end debate and ultimately vote on a “jobs” bill. Get the full story »

Shorebank’s financial hole deepens

ShoreBank’s capital deficiency worsened in the second quarter, according to newly submitted financial results to regulators, and the Chicago-based lender now needs to raise at least $190 million just to meet targets set out in March by state and U.S. banking regulators.

The South Side bank has arranged a capital infusion of about $150 million from Wall Street investment firms, big banks, insurance companies and philanthropic groups. It’s hoping that private investment will then make it eligible for about $75 million in bailout funds from the U.S. Treasury Department. Get the full story »

Giannoulias claims $2.7 million loss on tax forms

Democratic U.S. Senate candidate Alexi Giannoulias lost about $2.7 million last year in the collapse of his family’s Broadway Bank, according to tax returns his campaign released Friday.

Bill links unemployment extension, home tax credit

Senate Democrats introduced legislation Tuesday night that once again seeks to extend federal jobless benefits and a homebuyers’ tax credit, a week after a similar measure was defeated by lawmakers as part of a wider tax and benefit package. Get the full story »