Illinois will need more foreign investment, and major reforms to the state’s business climate, in order to get off the weak economic path it now treads.
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.
As the federal government repeals regulations requiring broadband companies to obtain consumers’ consent before using their browsing history and other personal information to create targeted ads, Illinois state politicians are moving to ramp up privacy protections. However, whether these bills would actually further those privacy goals or whether they would merely bolster Illinois’ class-action lawsuit industry while burdening businesses are open questions.
Flawed property valuations and the process required to fix them are a cash cow for law firms, including those of House Speaker Mike Madigan, Chicago Alderman Ed Burke and Illinois Senate President John Cullerton.
Chicago’s $1.15 billion projected budget gap is the latest in a decades-long string of structural deficits. Making Chicago’s high taxes worse is not the solution.