More than 100 small business owners back a Fair Tax for Illinois, both to spur consumer demand and provide immediate tax relief for 92.5% of small businesses
Chicago, IL - A Better Illinois, the statewide coalition backing efforts to replace Illinois' unfair, antiquated flat tax with a Fair Tax - with lower rates for lower incomes and higher rates for higher incomes - today announced the support of more than 100 small business owners as part of their campaign to put a Fair Tax on the upcoming November ballot. Politicians in Springfield have less than two weeks to pass a bill that would allow Illinois voters to choose for themselves on a Fair Tax in the next election.
Small business owners have cited two key factors in their support for a Fair Tax:
1) A proposed rate structure that would provide tax relief to 94% of Illinoisans, anyone making under $205,000, putting more money in the pockets of low and middle income consumers which would then be spent on their products and services and
2) An immediate tax cut for the 92.5% of small businesses with an adjusted gross income (AGI) of $200,000 or less that pay the individual income tax rate.
Naperville's Chris Dupuis, a founding member of Small Businesses For A Fair Tax who penned an op-ed in today's Crain's Chicago Business, put it thusly: "It's simple. A Fair Tax would put money back in our clients' pockets, who would then spend that money supporting small businesses in the area. The lifeblood of any small business is getting customers in the door to purchase their goods or services."
Dupuis also noted that most small businesses exist as pass-through entities, meaning they ultimately pay the individual income tax rate. "This is an immediate tax cut for the overwhelming majority of small businesses," said Dupuis, noting that the adjusted gross income of 92.5% of small business filers is $200,000 or less.
Last week, a Better Illinois released a video, "Small Businesses For A Fair Tax," featuring four Illinois small business owners describing how a Fair Tax would be a boost for their businesses.
Now once again, the DC-based right-wing Tax Foundation is making embarrassingly false claims about a Fair Tax. Not only are they fear-mongering by using rates that are far higher than those proposed in SB350, they've done nothing to make their argument but explain how many small businesses operate as "pass-through" entities. We agree, but we also did some research into what those small business make in terms of adjusted gross income. 92.5% make $200,000 or less, meaning -- far from being a tax increase -- the Fair Tax would be a CUT for the overwhelming majority.
Despite being embarrassed publicly in the past, out-of-state groups are again lying to smear the Fair Tax proposal and deny Illinois voters the chance to decide for themselves on the November ballot. But ask a local small business owner with some skin in the game, and supporting a Fair Tax to boost jobs and growth is a no-brainer.
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