Illinois Chamber President and CEO Todd Maisch released the following statement on Governor Pritzker’s Budget Address.
“The Illinois Chamber is opposed to the massive tax increase proposed by the Governor’s budget plan under the guise of “closing corporate loopholes.” We understand that the state has fiscal problems to address, however, the Governor’s plan will have a long-term negative impact on job creation and tax revenues for the state as it produces an unfair increase on taxpayers after they resoundingly defeated the graduated income tax. This not only will expand what will get taxed, but will also reduce key tax credits for vital sectors of the economy.”
“We know the administration faces a tough fiscal task. However, these tax increase proposals will only paper over our short-term problems but accelerate Illinois’ long-term economic crisis. In particular of the many problems in the Governor’s proposals, a particular concern is the elimination of the single sales factor in assessing Illinois income tax. This misguided proposal has the impact of increasing taxes on Illinois based businesses at a time we can least afford it.”
