America’s War on Poverty has been an abject failure. Nearly $12 trillion and 60 years later, official poverty rates remain basically unchanged. While the nation waged a well-intentioned assault on poverty, it inadvertently launched a far more sinister war: on dignity. While attempting to eradicate poverty, America created countless government welfare programs. In doing so,...View Report
Increasing the estate tax would hurt family farms and businesses, drive wealth and investment out of Illinois. Most states are ending their ‘death taxes.’
Selling family farmland to pay Illinois’ estate tax could end if a pair of bills take root in the General Assembly.
A post-mortem on Illinois’ 2017 regular legislative session shows missed opportunities for taxpayer savings.
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 repeal of the federal estate tax would make it imperative that Illinois get rid of its own state death tax to avoid losing even more residents and income to other states.
Illinois’ estate tax only generates about $300 million in revenue, while potentially costing the state more than $1.5 billion in annual GDP growth.
While neighboring states are making themselves friendlier for farmers, Illinois keeps its unfair death tax in place.
Uniquely burdensome taxes and fees make Illinois unfriendly to entrepreneurs, and drive businesses and families out of state.
Illinois’ death tax, corporate franchise tax and LLC fees cause disproportionate economic harm compared to how much tax revenue they generate.
State lawmakers from both parties are advancing legislation to repeal three of Illinois’ most costly and misguided policies.