A new ranking puts Illinois’ corporate tax rates near the top. Still, Gov. J.B. Pritzker wants to extract $900 million more from corporations after failing to stop up to $1 billion in COVID-19 tax credits for small businesses.
Illinois unemployment numbers dropped for a week during the holidays, but they were back up last week as the state's hospitality industry remains out in the cold.
Jobs data is giving the illusion of economic recovery in Illinois. The reality is 107,530 workers gave up their job searches, and new COVID-19 lockdowns can only hurt more workers.
Illinois lost 12,000 jobs in September and is home to the highest unemployment rate in the Midwest. Gov. J.B. Pritzker’s “fair tax” proposal would worsen the state’s jobs climate even more.
While Illinois claws back jobs from the COVID-19 associated downturn, in-depth analysis shows why the state is struggling more than most other states’ economies.
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.