Illinois State Treasurer’s Office News Releases

SPRINGFIELD — Illinois Treasurer Michael Frerichs today called on Gov. Bruce Rauner to sign legislation that would prohibit companies that establish ownership outside the United States specifically to avoid state and federal taxes from doing business with state agencies. The new ownership arrangements often are referred to as expatriated companies. “We must stand up against companies that engage in elaborate restructuring schemes to avoid paying their fair share of state and federal taxes,” said Frerichs. “These tax avoidance schemes are shifting billions of dollars onto law-abiding citizens and businesses. Companies…

SPRINGFIELD — President Donald Trump this week authorized new rules that will hurt workers and small business owners while worsening the retirement crisis facing millions of Americans, Illinois Treasurer Michael Frerichs said today. President Trump’s rejection of the commonsense approach that encouraged workers to save their own money while at the same time protecting employers from lawsuits about how those retirement savings are invested needlessly injects uncertainty into the employer community and will invite frivolous lawsuits, Frerichs said. “President Trump chose to ignore workers and the small business owners who…