Biden corporate tax plan would push Illinois rates to No. 5

By Ann Miller

04/02/2021

Combine the corporate tax rate President Joe Biden wants to fund his infrastructure plan with Illinois’ tax, and the resulting rate would be 35.4% – fifth highest in the nation and second in the Midwest.

TAGS: corporate income tax, COVID-19, JB Pritzker, Joe Biden, small business

Pritzker again after up to $1B tax hike on 440,000 Illinois small businesses

By Bryce Hill

03/16/2021

Federal tax relief was championed so small businesses could better deal with COVID-19 economic impacts. Gov. J.B. Pritzker wants to undo that relief to keep $1 billion in state taxes from Illinois small businesses.

TAGS: corporate income tax, JB Pritzker, small business, tax hikes

Illinois’ high corporate tax rate hurts jobs when businesses need COVID-19 help

By Brad Weisenstein

02/09/2021

A new ranking puts Illinois’ corporate tax rates near the top. Still, Gov. J.B. Pritzker wants to extract $900 million more from corporations after failing to stop up to $1 billion in COVID-19 tax credits for small businesses.

TAGS: corporate income tax, COVID-19, jobs, loophole

Progressive income tax study guide

By Orphe Divounguy, Adam Schuster, Bryce Hill

08/27/2020

Illinois Gov. J.B. Pritzker calls it the “fair tax.” Opponents say it’s a “blank check” for irresponsible spending. Here’s what you need to know.

TAGS: ballot referendums, California, Connecticut, corporate income tax, fair tax, general election, graduated income tax, ILGA: Illinois General Assembly, Illinois, income tax, JB Pritzker, middle class, outmigration, Springfield

Indiana drops corporate tax rate as Illinois considers increasing it

By Ben Szalinski

07/17/2020

Illinois Gov. J.B. Pritzker’s ‘fair tax’ would raise Illinois business taxes to the highest in the nation as neighboring Indiana cuts taxes to draw businesses across the border.

TAGS: corporate income tax, Indiana, JB Pritzker, progressive income tax

Why Illinois lawmakers can and should withdraw the progressive income tax hike

By Bryce Hill

04/09/2020

State lawmakers in 2019 passed a progressive income tax amendment at the behest of Gov. J.B. Pritzker. Now that coronavirus has ravaged the state’s small business community, they should withdraw the amendment.

TAGS: corporate income tax, Don Harmon, fair tax, graduated income tax, Illinois Constitution, progressive income tax, small business

Illinois moves Tax Day to July 15 in response to coronavirus spread

By Ben Szalinski

03/25/2020

The change puts Illinois in line with the new federal deadline announced in response to the spread of the coronavirus.

TAGS: coronavirus, corporate income tax, COVID-19, income tax, JB Pritzker

Slowest-growing states have progressive income taxes

By Bryce Hill

02/07/2020

Fewer people want to live in states with progressive income taxes. So after 6 straight years of population loss, why would Illinois want to join them?

TAGS: ballot, ballot referendums, corporate income tax, fair tax, flat tax, graduated income tax, Great Recession, ILGA: Illinois General Assembly, Illinois, Illinois Constitution, income tax, JB Pritzker, outmigration, pensions, population, progressive income tax, recession, spending cap, Springfield, tax burden, tax hikes, tax increase, Tennessee, Texas, U.S. Census Bureau, West Virginia, working-age

Chicago area up 241K jobs, rest of Illinois down 41K jobs from before recession

By Austin Berg

01/21/2020

Illinois’ uneven recovery reflects national trends, but also raises important questions about the state’s economic future ahead of a key tax hike vote.

TAGS: BLS: Bureau of Labor Statistics, capital gains, Chicago, corporate income tax, economic competitiveness, economy, graduated income tax, Great Recession, ILGA: Illinois General Assembly, Illinois, investment, JB Pritzker, labor, minimum wage, outmigration, population, progressive income tax, real estate, recession, Springfield, tax hikes, tax increase

Illinois personal income growth 2nd lowest in U.S. since Great Recession

By Bryce Hill

01/09/2020

Only Mississippi has fared worse than Illinois in personal income growth since the Great Recession hit at the end of 2007. Analysis shows state income taxes matter.

TAGS: corporate income tax, flat tax, graduated income tax, Great Recession, ILGA: Illinois General Assembly, Illinois, income, income growth, income tax, JB Pritzker, labor, marginal tax, personal income, population, progressive income tax, recession, Springfield, tax burden