Once again, CEO Magazine ranks Illinois as one of the worst states in its annual “Best States for Business” report. Only New York and California rank lower. Chief executive officers were asked to grade states in which they do business on business climate – including taxes and regulations – workforce and quality of life.
Senate Republicans believe Illinois has a lot to offer, but recognize governmental burdens make business expansion and job creation more difficult. Lowering taxes and minimizing regulations would help lift up Illinois’ economy, which continues a years-long struggle.
Senate Republicans argue that Illinois has all the ingredients for economic success. The transportation system of interstates, rail and airports are among the busiest corridors in the country. The education system – including top-flight colleges and universities – are incubators for cutting-edge innovation, and Illinoisans have always displayed a strong work ethic. However, the level of taxation imposed by the state and local governments, and business regulations such as Workers’ Compensation rates, are among the most burdensome in the country.