Lake County Gazette

Martin McLaughlin, House Representative of Illinois, has emphasized the need for lower taxes and improved cost competitiveness for businesses in the state. "Recent layoffs and business departures underscore the need for lower taxes and better cost competitiveness for Illinois businesses," he said. The statement was made on X.

"Bristol Myers Squibb Libertyville losing 130 employees," said Martin J. Mclaughlin, State Representative from Illinois. "Several other companies are shutting down operations and many head to other area states. We need lower taxes & competitive costs for businesses in Illinois."

Illinois has been experiencing a significant wave of business closures and layoffs in 2025. According to Illinois Policy, officials have cited factors such as contract losses at McCormick Place, corporate bankruptcies, and ongoing shifts to remote work as contributing to these economic changes.

NBC Chicago reports that nearly 2,100 layoffs are expected across 14 companies in the Chicago area during spring 2025. Additionally, Illinois Policy indicates that April saw 1,023 mass layoffs statewide, including over 500 job losses due to business closures.

The Tax Foundation highlights that Illinois' corporate income tax rate of 9.5% and flat individual tax rate of 4.95% make it one of the most expensive states for businesses. In contrast, neighboring Indiana offers a corporate tax rate of 5.25% and an income tax rate of 3.23%, which has prompted some businesses to relocate due to higher operating costs in Illinois.

Ballotpedia notes that McLaughlin has represented Illinois House District 52 since 2021. He has been an advocate for economic growth, tax reform, workforce development, and bipartisan job creation policies as responses to the fiscal challenges faced by Illinois.