In March, we discussed Taxation in Illinois, well the house is discussing a new progressive income tax that would impact IL small business owners. The General Assembly is on break this week and must vote on the legislation by May 8.
Here’s what John Tillman from the Illinois Policy Institute wrote: “Nearly two years ago, the Illinois General Assembly tried – and failed – to replace Illinois’ fair, flat tax with a progressive income tax. Democratic lawmakers have revived the proposal, once again touting the progressive income tax as a “tax on the rich.” The progressive income-tax proposal would put the new, total tax rate for small businesses at 11.25 percent, giving Illinois the second-highest small-business tax in the nation, hitting more than 31,000 of Illinois’ most successful small businesses. Even more, the constitutional amendment to allow a progressive income tax would give lawmakers free rein to change rates however and whenever they want. Illinois Policy Institute Manager of Chicago Outreach Chris Lentino recently appeared on ABC-7 Chicago to discuss Madigan & Co.’s progressive income-tax proposal. Chris pointed out that the so-called “fair tax” is actually a Trojan horse that will allow the party in power to raise taxes at their whim, even though Illinoisans already have one of the top total tax burdens in the nation.” Read the full article from Michael Lucci at IPI.
For more than 15 years, residents have left Illinois at a rate of one person every 10 minutes. When people leave, they take their income and their talent with them (find out more at IPI). I am not sure why that fact is being ignored by our legislators.
I will contact my representative Robyn Gabel to find out more about her position and how I think it will impact our community. The General Assembly is on break this week and must vote on the legislation by May 8. Seven “NO” votes are needed for this proposal to be reconsidered.
