We agree: Reduce Illinois corporate taxes
To the Editor:
Thank you so much for your Dec. 13 editorial, “Illinois needs tax reform.” You are absolutely right that state and local taxes in Illinois need to be cut across the board. Giving breaks to a couple of select large companies here and there ignores the high burden left on the shoulders of the myriad of other Illinois companies large and small. Indeed, those now here may well leave; companies outside our state contemplating where to relocate will not choose Illinois.
To keep and attract employers, Illinois must reduce the total cost of business taxes, both state and local. We must become competitive with other states.
This is not a “right wing” idea simply to benefit wealthy owners. It is an idea that favors unemployed and underemployed Illinois workers, especially the working poor. Not only will employees benefit with new jobs moving in and jobs saved from moving out, but the need for more workers will mean higher wages. In addition, the dollars generated by lower taxes will provide the capital needed for business expansion leading to even more jobs. At last, we will reverse the long-term trend where, in good times and bad, Illinois unemployment rates exceed the national average.
Opponents of this idea will cry, “How will Illinois and local governmental entities make up the lost revenue? We’ll have to raise taxes on individual citizens!” No, we won’t. Sure, revenues will drop initially. But revenues will rise again, exceeding current levels, when newly arrived companies and their employees pay their taxes. In concert with the business growth brought about by lower corporate taxes, our state’s cost of unemployment compensation and welfare support will be reduced. The need for tax revenue will be further reduced when we cut the wasteful, duplicate and insidiously corrupt spending that has become so infamously endemic here in Illinois.
Board member, DeKalb County Tea Party