Shirlanne Lemm doesn't want to see any more businesses or people leaving Illinois, but that will be inevitable if Senate Bill 9 becomes law, she said.
“It will just continue to drag business out of the state to neighboring states like Indiana and Wisconsin,” the president and CEO of the Greater O'Hare Business Association told the North Cook News. “Either taxpaying businesses will leave or employees that pay taxes will. It’s just not a good solution.”
SB9 would increase personal income taxes to 4.95 percent from 3.75 percent and corporate taxes to 7 percent from 5.25 percent. It would also expand the state sales tax to previously untaxed services and products in an overall effort to generate as much as $5.4 billion in new revenue.
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Illiniois State Capitol
| Teemu008
However, most experts speculate the measure will never become law.
“I hear there probably won’t be any budget forthcoming until after the next governor’s race in 2018,” she said. “That just makes things more frustrating.”
The Illinois Policy Institute projects that hikes in SB9 would mean that on average, every household across the state would pay an additional $1,125 in yearly taxes.
Passed without Republican support by Democrats like Sen. Laura Murphy (D-Des Plaines), the plan does not address property tax reform, which Gov. Bruce Rauner has demanded for any budget.
“There needs to be a lot more compromise going on,” Lemm said. “It would be nice to have something everyone can agree on, at least to some extent.”
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