Since the onset of the Great Recession, nearly every state has experienced budget shortfalls. Most have recognized the need to cut spending and restrain government employee benefits rather than raise taxes. Not all do, however: As reported last week, Illinois is going the opposite direction with massive tax hikes on individuals and businesses.
Immediately upon the announced tax hike, governors in surrounding states began pleading with Illinois job creators to come somewhere where they will be wanted. Wisconsin, Indiana and Missouri governors had press releases and media appearances outright thanking the Prairie State representatives for incentivizing their residents to leave. On the other hand, Illinois Gov. Pat Quinn congratulated the Legislature for passing the increase, and when asked about businesses leaving, responded, "Lots of luck to them, but that's not going to happen."
Jimmy John Liautaud begs to differ.
Liautaud is the founder of the Champaign-based Jimmy John’s Gourmet Sandwiches, which now has more than 1,000 stores around the country. He has started gathering information on other states, with an eye toward relocating the chain’s corporate headquarters.
"All they do is stick it to us," Liautaud said, adding that the Illinois Legislature "snuck [the tax increase] through," and that the governor showed "a clear lack of understanding" about a measure that left businesses feeling "pummeled."
Wednesday, January 26, 2011
Using the Michigan template we here in Illinois are in big trouble. Are only hope is If Lake Michigan swallows up Chicago.
Posted by traderrob at 4:52 AM