Not only would a progressive income tax hike end up taking more money directly from all taxpayers’ pockets, but it would also have negative economic effects on jobs growth, after-tax income adjusted for cost of living, and overall economic output.View Report
The state’s punishing tax climate and ominous mountain of debt have repelled new jobs and investment. People follow.
New Census data reveal that for the first time on record, all 10 metro areas based primarily in Illinois experienced population decline.
Imposing more Mickey Mouse taxes in Illinois is just goofy, but that’s what a proposal in Springfield would do to users of the new Disney Plus and other streaming services.
With Illinoisans increasingly likely to move, Pritzker’s tax plan would send more moving vans toward the state line, and hit the gas.
Senate lawmakers chose to delay voting on an amendment that would allow Illinois’ income tax structure to go from flat to progressive.
Polling of likely voters shows why some Democratic Illinois House members could regret voting for the governor’s graduated income tax.
Illinois Gov. J.B. Pritzker’s amendment would allow Illinois to impose an effective corporate income tax rate of up to 15.22% – the nation’s highest by far.
Ultimately, the state’s spending and debt habits mean Pritzker’s plan will be a bridge to higher taxes for the middle class. Pritzker and state lawmakers should instead pursue sensible spending reforms that don’t require declaring open season on Illinois taxpayers.
Illinois Gov. J.B. Pritzker is pushing a progressive state income tax without delivering the numbers to prove his promises. The numbers available from other states make it clear a progressive tax will hurt Illinois’ economy.
While New York lawmakers have agreed to make the state’s 2% temporary limit on property tax levies permanent, Illinois should take reform farther by enacting a freeze on levies and giving local governments the ability to rein in their spending.