Emanuel Cool To Trump Tax Plan
(CBS) – Chicago Mayor Rahm Emanuel is leveling some criticisms at President Trump's tax proposals.
WBBM Political Editor Craig Dellimore reports.
The Trump Administration's tax plan includes sharply lower income tax rates for corporations and individuals. But it also eliminates some key tax breaks.
And Mayor Emanuel says he has problems with some of that.
Part of the plan could eliminate the deduction for state and local taxes paid. Emanuel says that could hurt the people of Illinois and elsewhere.
As for the proposal to lower the corporate tax rate from 35 percent to 15 percent, Emanuel says taxes are—indeed—one factor for companies, but there are also other things that determine whether companies are attracted to a city or state or choose to remain there.
The mayor spoke at the ribbon-cutting for the new headquarters of Waterpark developer Great Wolf Resorts, which relocated from Wisconsin for different reasons, including transportation.
Also expressing concerns about the Trump tax plan -- details are forthcoming, administration officials say -- were U.S. Tammy Duckworth and Rep. Jan Schakowsky. Both are Illinois Democrats.
"His plan would mean huge tax cuts for the ultra-wealthy and big corporations at the expense of working-class and middle-class Americans. Millionaires and billionaires would see their tax rates slashed, and multinational corporations would get a massive tax break on offshore profits," Schakowsky said in a prepared statement.