Manufacturing Industry News
Illinois manufacturers, small businesses will face higher costs with 2022 state budget, TMA president says
SCHAUMBURG - In response to the majority of the Illinois General Assembly voting to accept Governor Pritzker's FY 2022 Budget of over $42 billion, Technology & Manufacturing Association President Steve Rauschenberger said that small businesses will be forced to carry the brunt of additional tax hikes.
“If state Democrats led by Governor Pritzker had a goal of taking a final punishing blow to the Illinois economy, business community, and taxpayers, then they succeeded and even added some extra punches to make sure manufacturers and small businesses could never succeed in this state," Rauschberger said.
The coming tax hikes on small businesses, expensive energy reform proposals will increase costs and decrease reliability, while changes in employment and labor laws and even a constitutional amendment will support unions. To top it off, unfair redistricting maps will place another 10-year stronghold on state politics all culminate to be a knockout punch for any hope for positive business growth in our state, he went on to say.
“The extravagant and unaffordable budget continues the Governor's massive tax and spend policies and shows absolutely no fiscal restraint. The largest punch the Governor will throw is removing so called 'corporate loopholes' that are actually tax incentives manufacturers and small businesses across Illinois use to help create jobs for Illinoisans," Rauschenberger said.
Closing the "loopholes" will cost job creators a significant amount of money, he said. It is just another way for the state government to take more of money earned.
“This has been one of the most dysfunctional end of sessions in Illinois history and it’ll bring irreparable damage to already struggling manufacturers and businesses, yet Democrats will chalk this up as a success. The manufacturing community will not be fooled or forget.”
More at www.tmaillinois.org
Manufacturing industry news is provided by the Technology & Manufacturing Association in Schaumburg, IL