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Gross Receipts Tax Numbers from HRO

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An overview of the gross receipts tax as proposed and examples of failures from other states

Economy & FinanceBusiness
1 of 21
GROSS RECEIPTS TAX The “Governor Raises Taxes” Plan (GRT)
GROSS RECEIPTS TAX ,[object Object],[object Object],[object Object]
THE GOVERNOR’S PROPOSAL ,[object Object],[object Object],The Creation of Two Additional Tax Brackets ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
THE GOVERNOR’S PROPOSAL ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],The Second Additional Tax Bracket
SO WHAT IS A GROSS RECEIPTS TAX? ,[object Object],[object Object],[object Object],[object Object]
WHAT IS THE PYRAMID EFFECT? ,[object Object],[object Object],As products progress through production, taxes are imposed during every single transaction In other states this pyramid effect has been devastating to both businesses (higher costs) and consumers (higher prices)
HOW DOES THE PYRAMID EFFECT OF THE GRT COST US? ,[object Object],Let’s explore the taxes imposed on this product with a gross receipts tax in place.
[object Object],Taxed The mine is taxed for the entire sales amount of the iron.
[object Object],Taxed The foundry is taxed for the entire sales amount of the steel.
[object Object],Taxed Taxed Taxed Taxed Taxed Taxed Taxed Taxed Taxed ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],Taxed The manufacturer is taxed for the entire invoice price of the car.
[object Object],Taxed The dealership is taxed for the entire sales price of the car.
[object Object],Taxed The increased cost of production is passed along to you. And don’t forget your sales tax!
SO WHO WILL A GROSS RECEIPTS TAX IMPACT? ,[object Object]
WHAT ARE BUSINESSES ALREADY PAYING IN TAXES? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
GRT WOULD COST ILLINOIS JOBS ,[object Object],[object Object],[object Object],[object Object]
ONLY FIVE STATES HAVE A GRT ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
WHAT PEOPLE ARE SAYING ,[object Object],[object Object],[object Object],[object Object],[object Object]
 
WHAT EDITORIAL BOARDS ARE WRITING ,[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],We need your help House Speaker Michael Madigan 300 State House Springfield, IL 62706 (217) 782-5350 Senate President Emil Jones, Jr. 327 State House Springfield, IL 62706 (217) 782-2728 Please call or write:

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