As the State of Illinois was starting to recover throughout 2010, the tax increase of January 2011 reversed the trend, sending companies out of the state and workers to the unemployment line. Since the tax increase, over 72,000 more Illinoisans are not employed while nearly 50,000 of them joined the unemployment rolls. The Illinois unemployment rate hovers close to 10% and over a point higher than the national average.
Federal law already requires the Employment Eligibility Verification Form I-9 be filled out for all hires. Based on this law that all employees are to verified, this simple solution allows any business that utilizes E-Verify or self E-Verify to ensure this information is accurate will receive a tax cut from the current 7% back to 4.5%. This voluntary tax cut is .3% below the rate prior to the 2011 Springfield tax hike and .75% below the phase out rate.
This jobs plan has 2 immediate results. First, it reduces the regulatory burden placed on employers to currently comply with E-Verify. Second, it will reverse the job losses inflicted by the 2011 Springfield tax hike increasing taxable revenues and decreasing tax avoidance.
See RestoreJobs.com for full details.