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
State lawmakers should reform Illinois’ overly complicated sales taxes and other anti-business taxes, which violate guiding principles of sound tax policy.
Illinois is expected to raise an additional $200 million in sales tax revenue due to changes in the new state budget and the U.S. Supreme Court’s decision in South Dakota v. Wayfair Inc. Lawmakers should offset this expansion of the sales tax by ending a $200 million harmful tax on business investment.
Uniquely burdensome taxes and fees make Illinois unfriendly to entrepreneurs, and drive businesses and families out of state.
The franchise tax is complicated and confusing, and compliance wastes the time and economic resources of Illinois’ businesses.
State lawmakers from both parties are advancing legislation to repeal three of Illinois’ most costly and misguided policies.