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A new report by the nonpartisan, Washington-based Tax Foundation on combined federal and state corporate taxes for 2021 shows that Illinois has one of the highest federal/state corporate tax rates in the country.
On a scale of 1-50, with the higher numbers being worst, Illinois is fifth-highest in the country with a combined federal/state corporate tax rate of 28.5 percent.
According to the foundation, “The state with the highest combined corporate income tax rate is New Jersey, with a combined rate of 30.1 percent. Corporations in Alaska, California, Illinois, Iowa, Maine, Minnesota, and Pennsylvania face combined corporate income tax rates at or above 28 percent. Six states—Ohio, Nevada, South Dakota, Texas, Washington, and Wyoming—face no state corporate income tax and only pay the federal tax rate of 21 percent.”
“The State of Illinois is at a huge economic disadvantage,” said Jim Tobin, economist and president of Taxpayers United of America (TUA). “Companies, big and small are fleeing to states with lower taxes.”
“Illinois Governor Jay Robert ‘J. B.’ Pritzker and his like-minded miscreants in the Democrat-controlled general assembly are trying every trick in the book to raise Illinois taxes even further. Fortunately, our organization, working with local taxpayer organizations, has helped hold the line,but they will keep trying to raise taxes.”
“It’s time for Illinois taxpayers to wake up and throw out the tax-and-spend politicians. Illinois has its own swamp, and it’s located in Springfield.” Source:https://taxfoundation.org/state-corporate-taxes-corporate-profits-2021/?utm_source=Tax+Foundation+Newsletters&utm_campaign=897ea710b1-EMAIL_CAMPAIGN_2019_10_17_07_28_COPY_02&utm_medium=email&utm_term=0_8387957ec9-897ea710b1-427663433&mc_cid=897ea710b1&mc_eid=5739982070
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Chicago—Taxpayers United of America (TUA) today sent a letter to all 100 U.S. Senators urging them to vote against the proposed $350 billion giveaway to state governments, as it would be wasted on frivolous line items and perpetuating failed policies.
“If you vote to bail out states like Illinois, you will be rewarding the destructive policies of its politicians,” TUA president Jim Tobin told them.
“If the United States government bails out irresponsible state and local government spending, it would be a grave error that furthers the redistribution of wealth. People are forced out of their homes because they can’t afford the property taxes that largely support government union demands.”
“An example is Illinois, which has been poorly managed for decades. There has never been a revenue problem in Illinois, but there is an ongoing spending problem. Tax dollars are like crack to the Illinois government bureaucrats.”
“Illinois has been mismanaging taxpayer money for decades. This indebtedness did not accrue in the single year of the Covid-19 pandemic. Rather, it’s been growing for decades. To bail out Illinois politicians and strip them of their accountability for their policies would be a grave mistake.”
“On behalf of the many thousands of taxpayers we represent, we ask that the U.S. Senate do its job and decline to bailout irresponsible state and local governments, and to decline to enable these tax revenue junkies to inject any additional funds right into their arms. Sadly, they must be allowed to fail in order for their behavior to change.”
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“Like a breath of fresh air blowing across the Washington, D.C. swamp, Congressman Thomas
Massie has introduced two bills to put an end to taxpayer-funded Congressional pensions,” said
Jim Tobin, economist and president of Taxpayers United of America (TUA).
Massie, a Republican, represents Kentucky’s 4th congressional district.
The first of the two bills is the End Pensions in Congress Act (EPIC Act). The second bill is the
Member of Congress Opt-out Clarification Act.
“If congressmen want to save for retirement, they should do so with 401(k)-type plans, rather
than rely on taxpayers to take care of them even after leaving Congress,” said Tobin. “I strongly
support the spirit of the two bills.”
The End Pensions in Congress Act (EPIC Act) excludes future Members of Congress from
participation in the Federal Employees Retirement System (FERS). In addition, the EPIC Act
requires those Members currently enrolled in FERS or the Civil Service Retirement System to
opt-in to continue their enrollment.
The second bill addresses an oddity in the congressional pension rules that allows Senators, but
not Representatives elected after 2003, to opt-out of enrollment in the congressional pension
The Member of Congress Opt-out Clarification Act would allow Members of the House of
Representatives to opt-out of FERS. The ability to opt-out is currently only available to United
States Senators and to Members of the House who began serving before September 30, 2003.
“While the bills face an uncertain fate, the very fact that he introduced them puts a spotlight on
the fat Congressional pensions funded by U.S. Taxpayers,” said Tobin.