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Lower Income Taxes Could Mean Higher Property Taxes, Hurting Businesses

Tue, 08 Apr 2014 08:46:33 CDT
By: IPR

There's been a resurgence of grief for those who want Illinois' income tax rates to decrease. That's set to happen automatically next year, but Governor Pat Quinn and Democratic leaders want to make the higher rates permanent. Opponents say that will hinder economic growth ... especially for small businesses. But a new report from a tax watchdog group says that argument is invalid. he Chicago-based Center for Tax and Budget Accountability says businesses are hit hardest by high property taxes ... which the report says would spike if Illinois rolls back the income tax. The non-partisan group says that will hurt small businesses. Senator Toi Hutchinson, a Democrat from Olympia Fields, says the finding is another reason to overhaul the state's tax system:

   

Hutchinson and a coalition of Democratic lawmakers are advocating for a graduated tax system, where the more you earn, the more you pay.

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