State unemployment insurance could withstand less than three months in an economic downturn. The taxes that support the fund are among the highest in the country.
Illinois voters soundly rejected a progressive state income tax because it was a path to tax retirees. That isn’t stopping state lawmakers from trying again.
Apple’s new iPhone launch on Sept. 9 may be a celebration for tech consumers, but it also makes the Illinois taxman smile. Illinois already had the nation’s highest tax rate on cell phone plans before it bumped up even more July 1.
Illinois lost 218 businesses to other states in 2023, part of an acceleration to triple the rate of what losses were before the pandemic. When adjusted for population, Illinois ranked No. 2 for the most business losses.
In another short-term revenue move, Illinois lawmakers July 1 turned to vape and other nicotine product tax hikes to allow ever-more spending. Taxes on vape products went from 15% to 45% of the wholesale cost.