Illinois' unemployment rate is worst in the nation
PRESS RELEASE from the
ILLINOIS POLICY INSTITUTE
CONTACT: Melanie Krakauer (312) 607-4977
Among its neighbors, only Illinois’ business tax climate has declined since 2018
Illinois’ unemployment rate is worst in the nation
CHICAGO (Oct. 27, 2022) – A new study shows Illinois ranks poorly for its state business tax environment and is heading in the wrong direction.
According to Tax Foundation’s 2023 State Business Tax Climate rankings, Illinois ranked 36th in the nation for business tax climate, down from the 2018 rankings when Illinois was 29th in the nation. Illinois Policy Institute analysis shows Illinois was the only state among its neighbors to see a drop in its business tax environment ranking since 2018, while states surrounding Illinois either improved or maintained their rank since then.
The rankings are based on five major taxes: individual income, sales, corporate, property and unemployment insurance.
Meanwhile, Illinois faces the worst unemployment rate in the country – its 4.5% unemployment rate is a full percentage point higher than the national average of 3.5%.
“With rampant inflation and the nation’s highest unemployment rate, Illinoisans are among the most vulnerable should a recession occur. To make matters worse, the state’s unfriendly tax environment will continue to hamstring the economy as it tries to recover,” said Bryce Hill, director of fiscal and economic research for the Illinois Policy Institute. “Amendment 1 on the Nov. 8 ballot would worsen Illinois’ business climate by keeping commercial property taxes on the rise, something business owners and workers can’t afford.”
To read more about Illinois' business tax climate, visit illin.is/biztax.
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