TaxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. policy proposals can be the product of years of deliberation; other times, they crop up overnight. To be effective in our mission, we at the Tax Foundation have to remain vigilant through the months and even years of hearings and debate, while remaining nimble enough to spring into action when important issues arise.
That’s what happened in Illinois earlier this year. A bill was proposed to add three brackets to the Prairie State’s income tax and impose a top marginal rate of 11.25 percent on many small businesses. Illinois, which is regularly rated in the middle of the pack on our annual State Business Tax Climate Index, was at risk of dropping from 23rd to 48th overall in the nation.
Within days of the proposal emerging, our team was in Springfield meeting with legislators, holding a news conference, and releasing a paper to shed light on the impact of the pending legislation. Ultimately, the bill was defeated.
Our ability to be there with states for the long haul as they consider tax reform options is crucial. That includes responding quickly with high quality analysis when the need arises. Only with your support can we operate with the resources and flexibility we need to be effective in state capitols across the nation. That’s why it’s so important to support the Tax Foundation in our mission to bring sound tax policy to all Americans.
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Center for State Tax Policy