Illinois State Tax Increase May Pave Way for Other States to Fix Budget Woes

Illinois companies are slamming the state's move to the third-highest corporate tax rate in the country, signed into law Thursday, saying they are concerned about its effect on business. But amid local budget shortfalls, other states might not find such tax hikes such a bad idea, and some tax policy experts said other Americans should brace themselves for inevitable tax increases in their states. Joseph Henchman, tax counsel for The Tax Foundation in Washington, D.C., said the Illinois tax...Full Story
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