Chicago City Wire

Republican activist David Krupa has the same thought he’s long warned voters about when faced with news that Illinois small businesses face a 50.3% marginal income tax rate should Gov. J.B. Pritzker’s progressive tax proposal officially become law next month.

“Corruption isn’t cheap,” Krupa told Chicago City Wire. “It’s reported to cost $500 million every year and I honestly believes it’s more. “All these added tax schemes are because I think they’re starting to understand there’s not going to be a federal bailout and they’re trying to keep the state from just descending into total chaos. Mike Madigan doesn’t want to see that happen right now, he’d rather it be a slow descend.”

Ignoring growing warnings from many that the tax stands to handcuff small business owners even more, the governor continues to push his signature proposal as one that will only mean higher tax rates for the state’s most affluent residents. At around 60% of net job creation, small business owners currently rank as the state’s biggest job creators. But those numbers could soon be on the decline, with researchers finding an increase in the top marginal tax rate could mean a slide in the hiring practices of entrepreneurs and slumping earnings for workers.

“What this tax would do is beyond disgusting,” added Krupa, who formerly ran for Chicago alderman. “Never in my wildest dreams did I think we would be looking to tax small businesses at 50%. But Madigan and Pritzker tax out of every orifice that they can. Honestly, it’s the most disrespectful tax ever, an absolute assault on businesses. We’ll see all of our restaurants, diners and coffee shops gone overnight.”

With the progressive income tax expected to rise to as high as 7.99% from the current flat tax rate of 4.95%, estimates are some small business owners could be hit with a state income tax hike 5 times larger than big businesses.