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Business leaders oppose Thompson tax replacement plan
Springfield AP reported state business leaders attacked Gov James R Thompson s proposal to replace the defunct corporate personal property tax with a 2 percent tax on corporations 1 25 percent on partnerships and trusts and a .75 percent tax on invested capital of utilities The plan faced opposition from firms with high profits and small inventories while supporters argued it could still win approval A separate revenue panel also reviewed an excise property tax and a corporate equity tax with mixed backing and administration concerns raised by business groups
MENTIONED IN THIS ARTICLE
Springfield
Ill
James R. Thompson
Ed Fernandez
United Airlines
Senate Revenue Committee
Thompson
Ronald Anderson
Beatrice Foods Co
Bradley Glass
Glass
Robert J. Egan
Chicago
Egan
Illinois Supreme Court
Revenue Committee
Illinois
Caterpillar Tractor Co
Kraft, Inc
Wayne Anderson
Illinois Retail Merchants Association