When will these dummies in Illinois understand that if you make Illinois too expense a state to do business in, businesses WILL leave? The latest two businesses threatening to pack it up for friendlier states are the Chicago Mercantile Exchange and the Chicago Board of Trade. They say they could save an estimated $50 Million in taxes a year.
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Another Illinois company has threatened to leave to state because of Governor Quinn's tax increase. Over the last six months, our state's giant companies, including, Caterpillar, Sears Holdings, Motorola Mobility, and Navistar International, all threatened to leave the state because the corporate tax increase would cost the companies millions more to do business in Illinois.
This week sees the Chicago Mercantile Exchange and Chicago Board of Trade seeking to move their operations out of state to New Jersey, Indiana or another state in an effort to save an estimated $50 million in taxes a year.
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That's like the NYSE threatening to move out of NY! Unheard of!!!
Gov. Quinn, facing an insurmountable budget deficit decided that raising business and personal income taxes were the better option. We now have the 3rd highest rate in the country.
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Remember, in January, Illinois raised the corporate tax income from 4.8% to 7%. Illinois corporations also pay 2.5% in additional taxes in income called the personal property replacement tax. Taken together, the two rates are 9.5% which is the third highest rate on the United States.
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Pat Quinn doles out over $230 million in tax breaks to big business, putting more burden on individual Illinois taxpayers - Your Doubting Thomas
Quinn will offer incentives for these businesses to stay in the state, he has to or thousands more Illinoisans will be unemployed. So, his great tax hike of 2011 basically stiffed the individual and small businesses operating in Illinois while maintaining status quo for the big business.
What was the point of that tax hike again? Oh, right. So they didn't have to actually CUT SPENDING.
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