By Rudy Takala
The small business climate in Illinois is suffocating under burdensome regulations and high taxes, according to a recently released study. The study, conducted by the Kauffman Foundation and the website Thumbtack, gave the state’s business environment a grade of “F.”
The research examined state business climates by looking at a combination of tax rates, regulatory environment, and licensure requirements for low-income occupations. Two states – Virginia and Texas – received the top grade of A+.
Illinois presently has an unemployment rate of 7.5 percent compared to rates of 5.1 percent in both Texas and Virginia. California, which also received an F on the report, narrowly edged Illinois out in the race to high unemployment, with a rate of 7.6 percent.
The study serves to remind Illinois residents that Chicago’s trickle-down tax hikes and oppressive regulations are not the national norm. It follows Illinois’ legislative session earlier this year, in which concerned citizens managed to kill three different proposals out of the legislature that would have increased taxes and even further damaged the state’s economy. Instead of increasing, the average state income tax bill will in fact drop by 25 percent next year.
The study substantiates that new laws and higher taxes are not what Illinois needs. Lower taxes and fewer regulations will foster economic growth in the state. With the continued help and effort of the citizens of Illinois, the state may be able to continue down the path of less government and more economic prosperity.