Kane County Reporter

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Moody’s Analytics’ February 2024 State of Illinois Economic Forecast has painted a grim picture of the state's economy. According to the report, the Illinois economy is "showing signs of fatigue." This assessment is further supported by a recent editorial in the Chicago Tribune, which highlights the detrimental impact of high taxes on businesses, stating that "sky-high taxes are to blame for a number of high-profile business closures, including in the restaurant industry."

In response to these challenges, Illinois House Republicans have proposed solutions aimed at lowering taxes to revitalize the state's economy. The Tribune editorial also suggests that the current economic situation in Illinois and Chicago is dire, with the economy being described as "nearly stalled."

The report also emphasizes the negative effects of tax increases on economic growth, noting that they lead to stagnation and decline. Commissioned by the State’s Commission on Government Forecasting and Accountability, the February 2024 Moody’s Report serves as a credible source indicating that "the economy in Illinois has hit a wall and taxes are out of control." The high tax burden in the state is identified as a significant hindrance to economic growth.

The findings of the Moody’s report and the concerns raised by the Chicago Tribune editorial underscore the urgent need for policy changes to address the tax burden on businesses in Illinois and stimulate economic growth in the state.