If an Illinois worker takes a pay cut during a recession, she knows the state isn’t going to take an even bigger chunk out of her paycheck. That’s because the state income tax rate stays the same. But if her home loses value, too, she could still see her property tax bill go up. Government...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.