A state senate candidate says Illinois needs lower taxes and fewer restrictions to boost the state's economy. | Pexels/Edmond Dantès
A state senate candidate says Illinois needs lower taxes and fewer restrictions to boost the state's economy. | Pexels/Edmond Dantès
States are in the process of recovery following the devastating economic impact of COVID-19. But, Illinois' economy is lagging behind. Many Republican elected officials and candidates believe that the current high taxes and rigid regulations are the cause.
"Illinois and the 46th District need a Senator that will cut taxes and red tape, allowing small business owners to move here and make the American Dream a reality," Desi Anderson, candidate for Illinois state Senate District 46, said." “As a small business owner myself, I have felt the awful economic policies of the Democrats in Springfield firsthand. Illinois lawmakers, like my opponent Sen. Dave Koehler (D-Peoria) are completely silent when it comes to the topic of the economy here in Illinois. We have residents leaving every day and we have already lost three major corporations in the past few months. Illinois is already far behind other states when it comes to economic opportunity, and increasing taxes and regulations will ensure we will never catch up."
As of August, the state is 1.4% behind the nation in job recovery following the economic downturn in March 2020, Illinois Policy reports. It's still missing 89,000 jobs and has the third-highest unemployment rate in the nation at 4.4%.
With policy decisions that have exacerbated the threat of a recession, Illinois will be put in a difficult position as the flexibility of the state’s budget is minimal due to pension obligations and a $1.8 billion unemployment trust fund deficit, Illinois Policy reports.
Since the start of COVID-19, Illinois has spent nearly $5 billion fighting negative economic implications of lockdowns, according to the website Realms of Discordia. That amount was a part of Congress' State and Local Recovery Fund Relief Package approved by the Biden administration. The money was intended to stabilize state budgets and finance operating costs to maintain public service costs.
As of July 1, 2022, Illinois has a combined state and local tax rate of 8.73%, ranking eighth in the nation, according to the Tax Foundation. The state tax rate is 6.25%, and the average local tax rate is 2.48%, which maxes out at 5.25%.
According to the Bureau of Economic Statistics, in 2020, Peoria County ranked ninth in Illinois for real GDP at $11.1, down 5.7% from 2019.
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