The Tax Foundation released an analysis of the proposal to dump Illinois’ fair, flat tax in favor of a progressive tax. The conclusion: a progressive income tax would deliver a devastating blow to Illinois’ already struggling business climate. Illinois had the 17th most competitive tax climate for businesses just a few years ago. But the state’s rank plummeted 14...

The Tax Foundation—a nonpartisan, D.C.-based think tank—hosted a press conference in Chicago this afternoon on the effects of a proposed tax increase in Illinois. The Tax Foundation’s analysis of the proposed progressive tax legislation found that: Illinois’ “State Business Tax Climate Index” ranking could fall to 44th from its current 31st ranking if the proposed progressive income...

The Tax Foundation released an analysis of the proposal to dump Illinois’ fair, flat tax in favor of a progressive tax that would force people to pay higher taxes as their income increases. The conclusion was unsurprising: a progressive income tax would deliver a devastating blow to Illinois’ already struggling business climate. The Tax Foundation...

Illinois’ corporate income tax rate is already the fourth-highest in the industrialized world. Yet some lawmakers want to push rates even higher. State Rep. Naomi Jakobsson, D-Champaign, wants swap out Illinois’ constitutionally protected flat rate income tax on corporations with a progressive income tax hike. And that would be on top of the fact that...

On Nov. 5, Colorado voters defeated a progressive income tax increase by a two-to-one margin — more than 66 percent of the voters said no to higher taxes. Colorado’s Amendment 66 was a ballot initiative to swap out the state’s competitive flat rate income tax for a progressive income tax increase. Specifically, lawmakers wanted to...

A new Tax Foundation report reveals one of the reasons why Illinoisans are finding it so hard to get jobs – it’s getting more and more expensive for businesses to operate in Illinois. The Tax Foundation released today its 2014 State Business Tax Climate Index, confirming the state’s worsening position. Illinois has dropped 15 spots to...

Illinois’ residents and businesses pay some of the nation’s highest taxes. Illinois has the ninth-highest state and local tax burden per capita, the second-highest property tax burden as a percentage of median home value and the fifth-highest gasoline tax. A recent Tax Foundation study shows that Illinoisans also pay the nation’s 11th-highest combined state and local sales tax rates. The report...