A proposed millionaire’s tax in Illinois would raise taxes on more than 22,000 small businesses, according to an announcement on April 22. The measure is described as another attempt at a graduated income tax and has raised concerns that it could force some businesses to close.
Supporters of the proposal say it aims to increase state revenue by targeting high-income earners. However, critics argue that the increased tax burden could drive both people and small businesses out of Illinois. They warn that higher taxes may lead to business closures and negatively affect local economies.
The plan would hike the tax rate by 61% for affected small businesses, potentially impacting their ability to operate or expand. More details about how the proposal would work can be found in a report titled ‘Millionaires tax’ would hike rate 61% on 22K Illinois small businesses.
Dennis Tipsword Jr., a Republican, was elected to the Illinois State House in 2023 representing the state’s 105th House District after replacing Dan Brady, according to public records.
Observers will be watching closely as lawmakers debate whether this proposed change will move forward and what its impact might be on Illinois’ business community.
