SPRINGFIELD – The Illinois Manufacturer’s Association (IMA) has released a statement speaking about Gov. J.B. Pritzker’s projected graduated income tax proposal that would raise the corporate income tax by 13.5 percent while drastically increasing the tax rate for many small businesses by 60.6 percent if enacted.
Mark Denzler, president and CEO of the Illinois Manufacturers' Association said, "Today's massive tax hike proposal will further harm the state's manufacturing sector, which has already lost more than 300,000 jobs since the turn of the century. Illinois cannot afford to lose more of these good, high-paying middle-class jobs. Taxing and spending are not the answer to our daunting challenges. The governor's plan will vault Illinois to the 3rd highest corporate tax rate and 8th highest individual tax rate in the United States. Given that we already face the highest property taxes in the nation, the most glaring part of today's announcement is what is not included: there is no mention of property tax relief for job creators or curtailed government spending."
State Senator Jil Tracy (R-Quincy) also responded to Governor Pritzker’s income tax proposal. “Without guaranteed protections for middle class families, I am opposed to the governor’s $3.4 billion tax increase,” said Sen. Tracy. “This is the third consecutive tax increase since 2011. We need policies in place that protect taxpayers, rein in the growth of government spending, and ensure we don’t need more tax hikes in the future.”