The Effects of the Obama Tax Plan on Illinois

Report Taxes

The Effects of the Obama Tax Plan on Illinois

September 20, 2010 2 min read Download Report
Baker Spring
Former Kirby Research Fellow in National Security Policy
Baker is a former Kirby Research Fellow in National Security Policy

President Obama’s tax plan would allow portions of the 2001 and 2003 tax cuts to expire, resulting in steep tax hikes beginning in January 2011 for small businesses and those earning $250,000 or more. The tax hikes would significantly affect the economy in Illinois, most notably in the number of jobs and change in personal income.

Among the results, from 2011 to 2020, the state of Illinois would:

  • Lose, on average, 30,083 jobs annually.
  • Lose, per household, $13,097 in total disposable personal income.
  • See total individual income taxes increase by $25.4 billion.

 

 

 

Authors

Baker Spring

Former Kirby Research Fellow in National Security Policy

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