taxes

Illinois Tax Code Punishes Entrepreneurs

Entrepreneurship is the embodiment of the American Dream in Illinois, and through their creativity and hard work, entrepreneurs bring new ideas, products and ways of doing things to the marketplace, often building businesses generating significant numbers of jobs. Fostering entrepreneurship is especially important for Illinois, which has experienced lackluster jobs growth and an unemployment rate that surpasses those of its neighbors. Yet, Illinois punishes, rather than encourages, entrepreneurs through its corporate franchise tax, death tax and limited liability company, or LLC, startup filing fees. Lawmakers should repeal these taxes and slash LLC fees to make Illinois a welcome home for entrepreneurs and the jobs they create. Illinois needs to keep the overall tax burden as low as possible to relieve its already over-burdened families and business community.

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