Neither taxpayers nor lawmakers should believe Pritzker when he makes claims of tax cuts – specifically that 97 percent of Illinoisans would see one – as part of his effort to scrap Illinois’ constitutionally protected flat income tax.
Facing down a $3 billion deficit, Illinois Gov. J.B. Pritzker offered an unbalanced budget including more tax hikes, borrowing and spending. He claimed severe cuts were the only alternative, but another option exists.
Illinois’ business tax climate would rank ahead of only California and New Jersey under a progressive tax. Hurt small businesses, and you hurt the jobs market.
Small businesses are the engine of Illinois’ economy. But those responsible for creating nearly two-thirds of Illinois’ jobs in 2017 would get hit under the progressive income tax plan just released by Gov. J.B. Pritzker.
Chicago’s $1.15 billion projected budget gap is the latest in a decades-long string of structural deficits. Making Chicago’s high taxes worse is not the solution.