Without adding any new taxes, my goal is to completely eliminate the State Corporate and Personal Income Tax.
There are 7 states that have no State Income Tax. Those states are Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming. Each of these states ranks within the top ten fiscally solvent states. Illinois ranks 49th.
To replace the revenue currently derived from the State Income Tax, we will reformulate the current and existing "Franchise Tax." The objective is to ensure that Foreign Corporations pay their fair share of taxes. This includes corporations headquartered in other states that sell their products and goods in Illinois (For example: Coca Cola, Pepsi Cola, Quaker Oats, Johnson and Johnson, Proctor and Gamble, etc.).
We will also eliminate taxes on Groceries and Pharmaceuticals, just like many successful states have done.