Statement on the Illinois Income Tax Increase

Governor Pat Quinn’s approval of an income tax increase last month by both houses of the General Assembly shows that The Land of Lincoln is closed for business.

The income tax increase is a sign of lawmakers who are looking for a easy way out and not taking responsibility for past fiscal problems.  Governors and legislators in both parties are responsible for this years-long mess.

Whatever jobs Illinois loses from the income tax increase is the gain of states like Wisconsin, New Jersey, and Indiana who are working hard to woo job creators out of Illinois.

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2 Responses to Statement on the Illinois Income Tax Increase

  1. Zach W. says:

    And yet, Illinois’ new corporate income tax rate of 7% is still lower than Wisconsin’s (7.9%). Kinda debunks the idea that Wisconsin would be a better place to do business.

  2. Kyle Maichle says:

    Zach, you are missing the other part to the Illinois corporate tax. Businesses have to pay a 2.5% surcharge (personal property replacement tax) in addition to the base rate of 7%.

    http://money.cnn.com/2011/01/13/news/economy/illinois_corporate_tax_hike/index.htm

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