The Congressional Budget Office (CBO) has released its 2015 to 2025 Budget and Economic Outlook. In this yearly publication, the CBO examines current laws (taxes and spending) and projects the outlook for the federal...
- The Tax Policy Blog
- Illinois Governor Hosts Tax Summit with Remaining Busines...
Illinois Governor Hosts Tax Summit with Remaining Businesses
Illinois Gov. Pat Quinn today hosted a tax summit for Illinois businesses today at a local Springfield restaurant, where he was joined by representatives of 3 of the 4 remaining businesses in the state. The fourth, an assisted living facility that has not received owed payments from the Illinois state government for 17 months, was busy preparing to close its doors.
Quinn had decided to host the summit after a marked increase in the flight of investment from the state following last year's 30 percent increase in corporate taxes and 67 percent increase in individual income taxes. Tax revenues have not met projections despite the increase.
The discussion occurred over lunch at Springfield's historic Maldaner's Restaurant, itself one of the remaining businesses in the state. Quinn asked for suggestions on what could be done to stop the flight of businesses to other states, other than repealing the recent massive tax increase.
"Could we reduce LLC filing fees from $750 to $100?," Quinn asked, ticking off suggestions. "Or maybe inflation adjust the personal exemption, or phase in a lower estate tax over several years?"
Attendees instead recommended new tax credits for their own companies. A proposal to continue the new tax on affiliate marketers also met no opposition from those in attendance, primarily because there are no affiliate marketers left in the state.
Asked afterward by a reporter if he was giving any thought to reversing the income and corporate tax increases, Quinn demurred.
"Nah, taxes don't affect where business invests," he stated.
Subscribe to the Tax Foundation Newsletter
Join the Tax Foundation's fight for sound tax policy Go
About the Tax Policy Blog
The Tax Policy Blog is the official blog of the Tax Foundation, a non-partisan, non-profit research organization that has monitored tax policy at the federal, state and local levels since 1937. Our economists welcome your feedback. If you would like to send an e-mail to the author of a blog post, please click on that person's name to locate his or her e-mail address or visit our staff page here.