Are we over-taxing the corporations? In spite of fat cat whining, not in Illinois.
To read the Tribune you would think Illinois is taxing the crap out of corporate fat cats. You know, the job creators.
Corporate taxes are too high! Boo hoo.
It turns out that a little digging by Crain’s shows that the conventional wisdom is total nonsense.
Illinois has the most corporate friendly tax set-up in the Midwest.
Illinois has the second-highest corporate income tax of neighboring states at 9.5%. Iowa is highest, at 12%. But the corporate income tax rate doesn’t tell the whole story. The 30% increase earlier this year put Illinois at the fifth-highest rate in the nation. But when all taxes are figured in, it has one of the lowest