While J.B. Pritzker has not released a detailed tax plan of his own, reasonable cost estimates suggest the tax hike required to pay for the candidate’s spending promises would require doubling Illinois’ state income tax rate and cost the state an estimated 132,000 jobs and $31.3 billion in forgone GDP.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.