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Lawmakers Move For More Tax Transparency

Illinois businesses may soon be required to post their income tax information online. Senate President John Cullerton says it's not about changing tax rates or eliminating loopholes. It's about getting accurate information and being transparent.

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Cullerton says more transparency will help lawmakers make informed policy decisions.

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State Representative Barbara Flynn Currie says this will ensure that everyone, including corporations, are paying their fair share.

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Only eight-percent of the state's revenue from taxes and fees comes from corporate income taxes, while 55-percent comes from personal income taxes. State Representative Barbara Flynn Currie says this will help lawmakers create policy that is fair for everyone in the state. The disclosure would start for this year's taxes but the public wouldn't learn about it for two years so businesses' decisions aren't impacted by the disclosure.

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