By IL Radio Network
Springfield, IL – An increase in the state income tax would drive employers away from the state according to Jim Tobin, president of the Illinois Taxpayer Education Foundation.
Tobin says if the personal income tax is increased, an increase in corporate income tax would follow.
He says state lawmakers should look at pension reform before raising state income and corporate tax. Tobin says pension reform would save money and the economy would take care of a slight dip in tax revenue.
Tobin says lawmakers in Springfield are plotting to raise the personal income tax 67 percent and the state corporate tax from 7.3 percent to 10.5 percent. Tobin says that would make it the second highest in the nation and would drive away 100-thousand jobs.
