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.
Most business is mobile. Most of Illinois is close to another state. Add a progressive state income tax and watch businesses such as Piasa Motor Fuels cross the bridge to Missouri.
Shoppers across Illinois would pay a new state-level bag tax under Senate Bill 1240 and House Bill 3335. But Chicago shoppers, who already pay a city bag tax, would not.
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.