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Testimony: Illinois “Millionaire’s Tax” Would Hurt Small Businesses, Exacerbate Outmigration

taxfoundation.org · published 24 April 2026

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https://taxfoundation.org/location/illinois/

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https://taxfoundation.org/taxedu/glossary/surtax/

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https://taxfoundation.org/taxedu/glossary/property-tax/

taxfoundation.org

https://taxfoundation.org/taxedu/glossary/individual-income-tax/

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https://taxfoundation.org/taxedu/glossary/corporate-income-tax-cit/

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https://taxfoundation.org/location/minnesota/

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https://taxfoundation.org/taxedu/glossary/progressive-tax/

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https://taxfoundation.org/location/indiana/

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https://taxfoundation.org/location/kentucky/

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https://taxfoundation.org/location/missouri/

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https://taxfoundation.org/location/new-york/

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https://taxfoundation.org/location/florida/

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https://taxfoundation.org/location/wisconsin/

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https://taxfoundation.org/taxedu/glossary/gross-income/

taxfoundation.org

https://taxfoundation.org/taxedu/glossary/pass-through-business/

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https://taxfoundation.org/taxedu/glossary/marginal-tax-rate/

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https://taxfoundation.org/location/new-jersey/

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Americans Are Moving to States with Lower Taxes and Sound Tax Structures Read at the source ↗

taxfoundation.org

https://advocacy.sba.gov/2025/06/30/2025-small-business-profiles-for-the-states-territories-and-nation/

advocacy.sba.gov

https://www.irs.gov/statistics/soi-tax-stats-historic-table-2

irs.gov

https://taxfoundation.org/research/all/state/2026-state-tax-competitiveness-index/

taxfoundation.org