Millionaires tax: Illinois could have hiked taxes on 22K businesses with Policy Analyst at the IL Policy Institute Dylan Sharkey

Debate heated up over a proposed “millionaires tax” in Illinois, with critics warning it could have far broader consequences than advertised. According to Illinois Policy Institute Policy Analyst Dylan Sharkey, the measure may have impacted more than just high-income individuals, potentially hitting around 22,000 small and mid-sized businesses that file taxes through the individual code. Sharkey argues that many of these pass-through businesses—ranging from family-owned operations to growing enterprises—could have faced higher tax burdens, raising concerns about job growth, investment, and overall economic competitiveness in the state. Supporters of the proposal contend it would generate needed revenue from top earners, but opponents say the ripple effects on local businesses could outweigh the benefits.