Institute to Legislators – Repeal the Tax Increases
Increases will have immediate, lasting detrimental effects on Illinoiss economy.
JAN. 14, 2011 The Illinois Policy Institute is calling on legislators in the new General Assembly to immediately repeal the tax hikes approved earlier this week.
Research by the Institute shows that the tax increases will cause the state to lose approximately 268,660 jobs over the next three to five years. These tax hikes will continue to hurt Illinoiss economy, and force families and businesses to move to more tax-friendly states.
The folks in charge in Springfield are fully, transparently aligned with the status quo of economic decline and mass exodus, said John Tillman, CEO of the Institute. The negative Illinois environment is not just driving out job creators and workers, but also the income and tax revenue they represent.
Research by the Institute shows:
- Illinoiss high tax ways have already prompted a net of 1,227,347 residents to move to other states between 1991 and 2009, or about one resident every 10 minutes.
- This mass exodus represents more than $163 billion in net income loss between 1995 and 2007, which will only be exacerbated by the tax hikes.
- Because of this mass exodus the state has lost $16.9 billion in state and local tax revenue between 1995 and 2007.
- The tax increases will immediately cost the average Illinois household $1,488 more in taxes.
- The tax increases will cause the state to lose approximately 268,660 jobs over the next three to five years.
To join in this call for a repeal of the income tax hikes, please sign this petition. Also, visit www.repealthetaxhike.com for all news related to this.
For additional information or to arrange an interview, contact the Institutes Manager of Media Relations Diana Rickert: Diana@IllinoisPolicy.org or 312-725-8039.