Main Street Alliance Executive Committee Member David Borris speaks at an event taking on corporate tax dodgers and calling on Illinois elected officials to close tax loopholes.
David Borris, the owner of Hel's Kitchen Catering located just outside of Chicago, spoke at an event hosted by Fair Economy Illinois this week focusing on the use of tax havens and holes in the tax code that allow large and highly profitable corporations to skirt the law and shift their tax responsibility onto small business owners and everyday taxpayers.
The event was held outside the Chicago offices of Exelon. David and allies targeted Exelon and fellow energy giant ComEd for their participation in tax avoidance schemes and for their failure to pay their fair share. Read an excerpt from David's speech:
"I am here today to call on Governor Rauner, Speaker Madigan and Senate President Cullerton to close egregious corporate tax loopholes that allow Huge, highly-profitable businesses to shift their tax responsibility onto the backs of hardworking small business owners and our customers throughout the state.
On Main St., we do business the old-fashioned way. We work hard to expand and create good-paying jobs, offer our customers a great product for a fair price-- And we pay our fair share of taxes. When it comes to big corporations like Exelon and ComEd, we don’t share many similarities.
Exelon extracts millions of dollars from local communities through accounting tricks like funneling exorbitant profits through six different offshore tax havens specifically designed to cheat Illinois taxpayers out of revenue that is then redirected into the pockets of wealthy investors.
Exelon has successfully starved our public school systems, caused budget cuts to our health and human services, and consistently and shamelessly put profit before people and planet.
By employing armies of high-priced lobbyists, accountants, and tax lawyers, large and nefarious corporations augment their personal piece of the pie and bleed an estimated $2.5 billion from our shared Illinois economy every single year. Intricate use of shell companies and off-shore tax havens has become all too popular and plagues not only Illinois but state and local economies all across the nation.
We cannot continue to allow the good people of Illinois and their brethren across the nation to be cheated out of the resources necessary to sustain the common good and fuel the local economic growth that is imperative to a continuing and vibrant economic recovery.
The shops and restaurants, the plumbers and carpenters, the retail salespeople and office workers toiling every day on Main Street, each one of our employees, and each one of our customers, deserve nothing less.
Large corporations must ditch their complicated tax-avoidance strategies for a simpler process--- =pay what you owe, where you owe it, and pay it on time.
If our lawmakers want to walk the walk about working hard for ALL Illinoisans, they should make holding these wealthy corporations accountable to paying their fair share of taxes their very top priority."