With one proposal to pay off Illinois’ pension debt asking the typical homeowner to pay more than $1,900 in additional property taxes for the next 30 years, the stakes for pension reform have never been clearer.View Report
Both Delaware and New Jersey have joined a growing trend away from estate taxes at the state level.
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.