Illinois can do it the old way and raise taxes to deliver pork projects. Or Illinois can be smart and make each tax dollar work hard to deliver projects that help residents and the economy.View Report
In a party-line vote that even fellow lawmakers were unaware of, Illinois House Democrats passed out of committee a progressive income tax rate structure that would take effect should Gov. J.B. Pritzker succeed in scrapping Illinois’ constitutional flat income tax protection.
An Illinois-based energy company will halt construction on a planned $500 million plant, a casualty of the Land of Lincoln’s hostile business environment.
The uncomfortable truth is that no matter how many hands they shake, most General Assembly members aren’t really friendly to small businesses.
Local lawmakers should consider Trump’s plan and position the state to thrive under federal changes.
The corporate tax reforms under President Donald Trump’s proposed tax plan could strengthen Illinois’ position as a home for businesses, but the state’s uncompetitive income, property and death tax policies would put its residents at an even greater disadvantage with respect to other states if the president’s plan passes.
A new report from the Commission on Government Forecasting and Accountability shows Illinois has experienced falling tax collections, which may indicate trouble in the state economy; spending reforms – not tax hikes – are what Illinois needs to right its fiscal ship and boost economic growth.
In addition to raising the state’s personal and corporate income taxes back near their all-time highs, senators are proposing taxing businesses on the “privilege” of doing business in Illinois, as well as taxing several services.
Politicians’ quick answer to the state’s problems is consistently to raise taxes, but evidence shows tax hikes are a negative for families struggling in a state already lacking opportunity.
Amazon’s new Joliet, Ill., facilities will bring needed jobs to the state, but special tax deals are not the way to improve Illinois’ sluggish jobs climate.
Illinois lawmakers can learn valuable lessons from states that have protected essential government services from swings in the economy.