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
Since December 2017, the rest of the U.S. has expanded payrolls 80 percent faster than Illinois.
Illinois experienced net job losses in August, while the rest of the nation saw continued growth on average.
Accepting a deal that includes $6 million in subsidies, Wynright Corporation will expand its operations in Indiana and close plants in suburban Elk Grove and Oak Lawn.
Illinois issued more than $60 million in EDGE tax credits to Takeda Pharmaceuticals from 2003 to 2013, more than any other company received over that time.
MillerCoors opened its Chicago headquarters in 2010. Eight years and nearly $6 million in subsidies later, the beer giant has been hammered by a heavy round of layoffs.
Illinois experienced its sixth consecutive month of jobs growth in July, yet continues to trail the pace of growth in the rest of the nation for 2018.
Illinois added 18,100 new jobs in June, the highest monthly increase since summer 2017, but the Prairie State still lags behind the rest of the nation for the post-recession period.
The city has seen a 45 percent increase in its minimum wage since 2015.
The current and future workforce is shrinking in Illinois, but growing across the U.S. Making the Prairie State more attractive for families seeking to work and invest is key to fixing this problem.
Illinois’ jobs situation improved in May, but the state needs long-term solutions such as a spending cap to get on a path to fiscal health and assure investors more tax hikes are not on the horizon.