Increasing the estate tax would hurt family farms and businesses, drive wealth and investment out of Illinois. Most states are ending their ‘death taxes.’
Illinois is one of just a handful of states that double-taxes people when they die by imposing its own estate tax atop the federal tax. A bill that would repeal Illinois’ estate tax could save family farms.
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.
After years of enhanced revenue from federal aid, a return to the basic principles of budgeting can put Illinois on the path to long-term financial stability