Illinois Businesses Worried Tax Hike Will Harm Local Economy, Cost Jobs
A number of business owners in Springfield have expressed grave concern over the tax hike, according to the State-Journal Register.
by Wesley Fox
A number of business owners in Springfield have expressed grave concern over the tax hike, according to the State-Journal Register. The corporate income tax hike is another blow to businesses in tough economic times.
Lori Wankel, owner of Ashleys Petals and Angels in Jacksonville, is concerned the tax hike will only add to the troubles of struggling businesses in the current economy. Small businesses are struggling anyway, with the recession going on, said Wankel. This is one more thing that will add to the crunch going on around the country.
Rod Milligan, owner of Cabinetland in Springfield, said, Im so afraid of what the ramifications will be on myself and other local small businesses.
Business owners are also worried about the impact of the individual income tax hike. Mark Kloever, owner of Kloever and Son Jewelry is worried it will hurt sales. Im afraid it means more businesses fleeing the state and more jobs lost, Kloever said. That translates to less people that can afford jewelry or anything else.
Shamsher Singh, owner of a BP Station in Chatham, asks, If the public is not prosperous, how can the state be?
Kitty Boyce, owner of Remarkable Resale in Rochester, suggests, They (legislators) need to learn to make do with less before they hit the rest of us.
Check out the Institutes study of the economic impact of the tax hikes.