Illinois Entrepreneurs Fear Financial Strain as Pritzker’s Tax Hike Looms Large
Illinois Business Owners on Edge Over Potential Tax Hike in Pritzker’s Budget Proposal
Business owners in Illinois are worried about a possible tax increase from Governor J.B. Pritzker. His plan suggests keeping a limit on how much money businesses can deduct as losses but raising the limit to $500,000. This change could bring in about $526 million in extra money for the government which is most of the $900 million in tax increases he wants in his $52.7 billion spending plan.
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Potential Tax Hike in Pritzker’s Budget Proposal Gearing Up Illinois Entrepreneurs. (PHOTO: POLITICO)
Illinois Chamber of Commerce Chief Warns of Economic Downturn Amidst Proposed Tax Hike
The head of the Illinois Chamber of Commerce Lou Sandoval says this would mean taking money away from businesses to give to the government. He’s concerned that it’s not just big companies that will feel the pinch but also smaller ones. Sandoval thinks this new rule might make business owners less likely to invest money which could slow down the growth of their businesses in Illinois. The budget for the year 2025 starts on July 1st, and lawmakers have until May 31st to agree on it. They’re meeting in Springfield to talk about it and the decision on whether to go ahead with Pritzker’s tax increases is going to be a big deal for businesses across the state.
