Illinois has fourth-largest portion of tax revenues coming from corporate income taxes in the nation

November 13, 2013
By Benjamin VanMetre

Illinois’ corporate income tax rate is already the fourth-highest in the industrialized world. Yet some lawmakers want to push rates even higher.

State Rep. Naomi Jakobsson, D-Champaign, wants swap out Illinois’ constitutionally protected flat rate income tax on corporations with a progressive income tax hike. And that would be on top of the fact that Illinois already rakes in more corporate tax revenue than most states as a portion of total tax revenue. According to a recent Tax Foundation study:

Share of State Tax Revenues from Corporate Income Tax

A progressive income tax on corporations would only guarantee a quicker retreat of businesses and people out of Illinois.

TAGS: corporate income tax, fair tax, flat tax, graduated income tax, naomi jakobsson, progressive income tax