Illinois Chamber of Commerce statement on proposed graduated income tax rates

 

[March 08, 2019] 

“The Illinois Chamber realizes that Governor Pritzker has inherited real and serious fiscal problems," said Chamber President and CEO Todd Maisch. "Unfortunately, his plan for a new tax increase is very unlikely to solve them. Taxing businesses and business owners without restraining state spending nor taking measures that will spur economic growth sends exactly the wrong message to job creators who are already questioning their commitment to Illinois. When they choose to move investment across state lines, government loses tax revenue and our communities take a hit.

"It is important to note that the increase on the '2.7 percent' of taxpayers the governor is targeting will pay much more than the $3.4 billion net income the plan claims it will generate. They will also pay for the 'tax relief' afforded to other taxpayers. Clearly, this plan will trigger a serious reaction from employers, especially since the plan only addresses the perceived budget deficit and does not make any meaningful dent in Illinois’ backlog of unpaid bills nor the future spending demands of progressive members of the governor’s party. The plan should be viewed for what it is: merely a first installment.”

[Whitney Barnes, Illinois Chamber of Commerce]