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1 Liz Malm, Moving to a Progressive Income Tax Would Increase Taxes on the Majority of Illinois Employers 1 (2014)

handle is hein.taxfoundation/taxfaap0001 and id is 1 raw text is: TAX AN Moving to a Progressive Income FOUNDATION: Tax Would Increase Taxes on the Mar. 2014 Majority of Illinois Employers No. 423 By Liz Malm Economist Key Findings Legislation currently being considered in Illinois would amend the state Constitution to allow for a graduated rate individual income tax. Plans being discussed would move Illinois from a single rate tax to a graduated rate structure with top rates ranging from 8 percent to 11 percent. Sixty-one percent of employers in Illinois are pass-through entities, meaning they pay business taxes through the individual income tax. Implementing the graduated rate structure would increase taxes on many of these businesses. On average, 38 percent of employment at businesses with at least one employee are pass-through entities in Illinois. Share of pass-through employers varies based on industry, with the highest concentration occurring in the construction sector. Other highly-impacted industries are professional, scientific, and technical services; agriculture, forestry, fishing, and hunting; administrative and support and waste management services; and real estate and rental and leasing services. Pass-throughs tend to be smaller in size, with the majority of pass-through employees less than 10 people. Small businesses' performance in Illinois has lagged when compared to the rest of the country, and hiring prospects have worsened since last year. - The Illinois economy is underperforming in comparison to other states in the region and the country as a whole. Experts express caution over using taxes as a solution to the state's large and rising pension debt. ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

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