Free-photos/Pixabay
Free-photos/Pixabay
As a member of the small business community in Plainfield, I am deeply concerned with the state's increasingly cavalier attitude toward raising taxes and fees on firms like mine through ever-expanding and burdensome regulation.
While I'm not blind to the need for revenue to fund essential services and infrastructure, the current rate of state-driven expenses - coupled with inflationary pressure - is placing too significant a burden on those on Mainstreet to be sustainable.
Increasing taxes will strain businesses and their employees, leading to cutbacks in production and job creation - critical elements to stimulating economic growth. Additionally, higher taxes will place an undue burden on businesses operating within the state, making them less competitive relative to companies based in other areas with lower tax rates.
Raj Pillai
| Provided
If we continue down this path, the damage will push more of us into permanent closure and greatly slow our state's economic output. And while nobody likes a natural recession, people hate government-created ones.
Our lawmakers need to talk to local business owners before taking drastic action regarding taxation.
They love talking to us on the campaign trail. They should love it more when we can help guide them in crafting effective legislation.
We must work together as a community to create an environment where businesses can thrive while providing ample support for essential services such as education and infrastructure projects. We can achieve this balance by receiving more input from small business owners on how regulations will impact future business operations.
The taxpayers are footing the bill for these initiatives, and it's clear that more input from us is needed if forthcoming legislation successfully leads Illinois to a prosperous future.
Raj Pillai is the owner of CYNOVA CPAs & Advisors.