September 8th, 2020
Quinn’s State Corporate Income Tax Increase Would Make Illinois Tax Fifth Highest In The Country
CHICAGO–Gov. Patrick Quinn’s plan to raise the Illinois corporate income tax to 9.7% would make Illinois’ tax the fifth highest in the country, and would prevent the creation of 70,000 jobs, charged Jim Tobin, President of National Taxpayers United of Illinois (NTUI). Furthermore, Quinn is misleading the media by using the incorrect figure for the current state corporate income tax, making it sound much lower than it is.
“Slippery Quinn, a far-left-wing, pseudo-populist politician, and his cronies have been bamboozling the media and taxpayers by using a relatively low, incorrect figure for the state corporate income tax,” said Tobin. “Ask any business owner how much corporate income tax he or she pays, and you will be told that it is not 4.8% but actually 7.3%.”
“The total corporate state income tax rate of 7.3% includes a base rate of 4.8% (referred to by Quinn) and, in addition, another 2.5% on top of that, which was added by constitution amendment in 1980, a ‘personal property replacement tax,’ which ‘replaced’ a 19th-century tax that was not even being collected.”
“Quinn’s corporate income tax increase would make Illinois uncompetitive with its surrounding states. A tax rate of 9.7% would be higher than that of Indiana (8.5%), Michigan (4.95%), Missouri (6.25%), Wisconsin (7.9%) and Kentucky (4% to 6%).”
“If Slippery Quinn has his way, Illinois would have the fifth-highest corporate state income tax rate in the country, surpassed only by Pennsylvania (9.99%), Dist. of Columbia (9.975%), Minnesota (9.8%), and Iowa (maximum rate of 12%).”
“Raising the state corporate income tax from 7.3% to 9.7% and increasing the personal income tax 50% would prevent the creation of 70,000 jobs,” said Tobin.
“Quinn’s proposed increases in the state personal and corporate income taxes are a recipe for financial disaster. New companies that considered Illinois would go either to its surrounding states or to states with even lower corporate tax rates.”
“It’s time the media and concerned citizens thought-through the implications of Slippery Quinn’s proposed tax increases. The financial future of Illinois is at stake.”