Moody’s Analytics’ February 2024 State of Illinois Economic Forecast concludes that the Illinois economy is “showing signs of fatigue.” Private sector job growth is slowing down, and a major reason why is the heavy tax burden the state places on businesses. Sky-high taxes are to blame for a number of high-profile business closures, including in the restaurant industry, as a recent editorial in the Chicago Tribune points out.
The Tribune editorial suggests that the economy in Illinois and Chicago is nearly stalled. Illinois House Republicans have offered solutions to lower taxes and jump-start the Illinois economy. Tax increases are not the answer to economic growth; rather, they lead to economic stagnation and decline.
The February 2024 Moody’s Report, which was commissioned by the State’s Commission on Government Forecasting and Accountability, should serve as a credible and firm source that the economy in Illinois has hit a wall and taxes are out of control. The high tax burden is hindering economic growth in the state of Illinois.
Read the Tribune editorial here: Editorial: Illinois’ economy is in neutral thanks in part to onerous business taxes (chicagotribune.com)
Read the Moody’s Report here: Moody’s Analytics State of Illinois Forecast Report (ilga.gov)