Cullerton corrects naysayer's faulty allegations on state business climate
Illinois Senate President John J. Cullerton responded this week to the continuous negative drumbeat by naysayers about Illinois, in a follow-up to his April column, "I like Illinois."
Remember when I announced, in the Sun-Times last April, that I like Illinois? I still do. I like Congressman Randy Hultgren, too. The problem is that he was wrong on the facts in a recent op-ed. He falls in line with the rest of the political naysayers slamming the door in the face of business with negative rhetoric and faulty allegations about our business climate.
Hultgren blames Illinois’ tax structure for businesses moving from our state to Wisconsin. Compared to Wisconsin — Hultgren’s business friendly wonderland — Illinois already has a lower corporate income tax rate: 7 percent, compared to 7.9 percent in Wisconsin.
Furthermore, our corporate income tax rate is scheduled to drop to 5.25 percent at the end of the year, making it the lowest rate among its neighboring states. More important, according to the National Federation of Independent Business, 75 percent of the business community, comprised of smaller companies, pays the personal income tax rate and not the corporate income tax rate. Illinois’ personal income tax rate will soon be less than half of Wisconsin’s: 3.75 percent, compared with 7.65 percent in Wisconsin.
Read the rest of Pres. Cullerton's Sun-Times column HERE.