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
As a result of the U.S. Supreme Court’s decision in South Dakota v. Wayfair Inc., most online purchases in Illinois will now be subject to automatic collection of the state’s 6.25 percent use tax.
A proposed 1 percent sales tax for school facilities improvements would bring the city of Springfield’s combined sales tax rate to 9.75 percent – among the highest in the nation.
A recent survey found Illinois to be the least accommodating state in the nation for small businesses.
A new sales tax proposed by Will County school districts would put some residents’ sales tax burden in a league with Chicago, which is home to the highest combined sales tax rate of any major city in the U.S.
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.
Local voters struck down a 1 percent sales tax hike for the third time in seven years.
Madison County voters have rejected a proposed 1 percent sales tax hike twice before. Will the third time be a charm?
Madison County voters have twice turned down a proposed sales-tax hike to fund school facilities projects, but the proposal will appear again on March primary ballots. If approved, shoppers in Collinsville and Granite City would see some of the highest sales tax rates in the country.
The city's budget for fiscal year 2019 was accompanied by increases in sales and telecom taxes. But local officials still anticipate a deficit.