From the office of GOP Minority Leader Tom Cross…
Congratulations! Today is the first day of 2011 that earnings you make can start going towards meeting the needs of you and your family. That’s right – we’ve worked the first 105 days of the year just to pay our federal, state, and local tax obligations for the year, more than a quarter of the way through 2011.
In recognition of this sobering fact, today is Tax Freedom Day in Illinois; a reminder of just how much we must pay in taxes each year before our hard-earned dollars can finally start working for us.
Taxpayers and job-creating employers deserve to celebrate Tax Freedom Day earlier, not later each year. Here are some important Tax Freedom Day facts:
- According to The Tax Foundation, Illinois is now ranked 23rd in their State Business Tax Climate Index. The Index compares the states in five areas of taxation that impact business: corporate taxes; individual income taxes; sales taxes; unemployment insurance taxes; and taxes on property, including residential and commercial property. Neighboring states ranked as follows: Wisconsin (40th), Iowa (45th), Missouri (16th), Kentucky (19th) and Indiana (10th).
- Most U.S. taxpayers reached “Tax Freedom Day” earlier this week, on April 12th – not Illinois residents. We had to work three days longer to meet our tax obligation because of the Democrats’ recent 66% increase in the income tax.
- Illinoisans must work longer to pay their tax obligation than residents in all neighboring states, but Wisconsin. In fact, Tax Freedom Day came 9 days ago for people living in Ohio (April 6th), eight days ago for Michigan (April 7th), 10 days ago in Indiana (April 5th) and 11 days ago in Missouri (April 4th).
On this Tax Freedom Day of 2011, let us together recommit ourselves to working towards meaningful budget and spending reforms to reduce the overall tax burden on Illinois families and businesses. Visit our website for more information