Federal Tax Reform Is an Opportunity for Illinois

Federal tax reform is moving forward in Washington this week, and that's good news for the folks back home in Illinois. Done correctly, tax reform ...

October 2, 2022
10:44 AM

Federal tax reform is moving forward in Washington this week, and that's good news for the folks back home in Illinois. Done correctly, tax reform can spur economic growth, which means more jobs and better wages in Illinois and beyond. But this reform effort includes a feature of above-average interest to state taxpayers: repeal of the deduction for state and local taxes. That deduction has served as a major incentive for state lawmakers to offset budget deficits with tax hike after tax hike. Remove the deduction, and lawmakers in Springfield will feel more pressure to rein in their excessive spending.

Adam Michel