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Just as a correction Indiana does not have a budget deficit. The only thing that may prevent Indianapolis from becoming the next boom town in the Midwest is that the state government may be getting too conservative. If too much social legislation is passed (gay marriage ban, abortion bans, etc...) then Indianapolis can kiss its' potential goodbye.
Sorry, I meant to say that IN is facing a budget shortfall:
Indiana had surplus these last years, so who cares ??? Illinois or Michigan would dream to have the good health of Indiana.No wonder Rick Snyder (michigan gov) wants to imitate it.
Indiana had surplus these last years, so who cares ??? Illinois or Michigan would dream to have the good health of Indiana.No wonder Rick Snyder (michigan gov) wants to imitate it.
Look, I get it...but I don't think of Indiana as some sort of dream oasis in the middle of this mire. While I think that IN has better budget policies than IL, the socially conservative views that dominate the IN state government are in direct conflict with my own views, so I wouldn't want to live there. Nevertheless, it sounds almost as if you are happy about the prospect of Illinois losing more jobs, and I cannot fathom why...
I guess the cost of living in Chicago will be a pain for many people..What a pity, this city wasn't unaffordable like NYC ou LA..It's over.
You are such a troll. While it was probably not the wisest of ideas to raise taxes, I can hardly see it crippling an entire states economy and forking over half the jobs to states like Wisconsin and Indiana, who don't even have the infrastructure required to be handed hundreds of thousands of jobs, or a large, educated workforce that Illinois has.
Illinois is too important on a national, even global, scale to go down in flames. The economic collapse of an entire state would be disastrous for everyone. Wisconsin and Indiana are just being...Wisconsin and Indiana. It's no secret Illinois is what keeps the Midwest on the map, so of course it's going to have people who are envious of it.
Illinois, as well as Chicago, will remain more than stable through the decade. Chicago has the most diversified economy in the country, and still remains in the center of the pack as far as taxes go. Of course there are less taxed cities, but Illinois, as well as Chicago, maintain to attract a lot of business. If taxation was the end all for all companies, everyone would have fled for Texas or some other state, yet that is not the case.
Illinois will be fine this coming decade. Will Wisconsin and Indiana gain some jobs based on taxation? Of course, it'll be foolish to say that they wouldn't. Are they going to gain a large percentage of Illinois' jobs because of taxation? Of course not. California remained an attractive place for business for many decades, yet the taxes there are rather high, and the cost of living is much higher than that of Illinois! Chicago has a relatively low cost of living in comparison to other major employment centers, so the fact that businesses can pay their employees lower wages means they can make up for the difference in taxes...
Look, I get it...but I don't think of Indiana as some sort of dream oasis in the middle of this mire. While I think that IN has better budget policies than IL, the socially conservative views that dominate the IN state government are in direct conflict with my own views, so I wouldn't want to live there. Nevertheless, it sounds almost as if you are happy about the prospect of Illinois losing more jobs, and I cannot fathom why...
Because I like pro-businesses states.
And you know I'm socially progressive too, but fiscally conservative.The economy is the most important to me, so I don't care to live in a socially conservative state if the economy is good.
Economics and languages are my subject in college, it's essential for me.
Illinois will obviously not die, but there's no question it will suffer significant and permanent job losses.
Heck, this is exactly what Chicago's Mayor Daley said! There's no question there will be a severe economic body-blow from massive across-the-board tax increases.
I guess the cost of living in Chicago will be a pain for many people..What a pity, this city wasn't unaffordable like NYC ou LA..It's over.
God, it's not fun and all....but you people are talking like an income tax hike to 5% is the end of the world as we know it or something. That's still going to be lower than most states who have income taxes. It's just going to be on par with many other states as far as the tax level - instead of being the lowest. Corporate income taxes will be 4th highest - but then again a majority of corporations don't pay anything because of all the other credits and subsidies they get to offset the tax.
No one here is happy about it, but I feel like the emotions and mood are REALLY extreme given the fact that we'll still be right around the middle of the pack in overall taxation.
A couple of things. This is most likely going to be a temporary measure that is repealed once the economy picks up and the state's budget goes into surplus. Also it costs a lot of money to move a business. You will lose some of your employees, which means you will lose some of the skills and institutionalized knowledge that you have. If you are a production based business you will have to build new facilities. If you are running a sucessful business it is dangerous to change the way that you operate just to take advantage of a short term tax opportunity, you run the risk of doing permenant damage to the business.
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