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