McHenry Times

Illinois is experiencing a crisis in its small business community, and complacent lawmakers in Springfield are to blame. Despite many of our Midwest neighbors reporting stable economic conditions, our state’s Main Street is experiencing one of the highest rates of layoffs in America.

The reason is a steep rise in stacked costs.

Small businesses are suffering from added expenses, such as bloated taxes, fees, and administrative dues. They add thousands of dollars to bottom lines that already have little to no profit margin, making it much harder for them to survive.

While there's no quick fix to solving this problem, there are places where reform could add up in a big way.

Lowering taxes on job creators is always a popular solution and should be at the top of the legislature's to-do list. Our corporate income tax rate is much higher than in places like Indiana and Iowa, making us far less competitive in attracting and growing new enterprises. High costs have caused plenty of good people to pursue their dreams elsewhere, which I'm confident is different from what lawmakers intended from the laws they pass.

Still, it's doubtful that our lawmakers could lower taxes to the point that by itself solves the problem. A holistic approach to cost reduction is necessary.

Lawmakers can reduce small expenses like licensing fees to create savings for those most affected by high operating costs. Simply reducing fee expenses would allow greater financial viability and open up an avenue for reinvestment and growth.

Finally, a reform that would benefit everyone directly is eliminating the constant threat of frivolous lawsuits that have made Illinois a “Judicial Hellhole.” Lawsuit abuse contributed to higher insurance costs and reduced economic activity. Cook County courts have contributed significantly to the 190,000 jobs lost yearly to lawsuit abuse and the $19 billion in lost state GDP. Ending the abuse should be a no brainier.

Lawmakers can help Illinois’s economic backbone recover from years of neglect and abuse by prioritizing a viable market for small businesses to grow and thrive. Taken together, even small changes can go a long way in righting the state’s economic ship.

Bryan Javor is the owner of Liberty Outdoor Advertising.