Illinois Tax Hikes Driving Out Jobs
We've written about how tax hikes in Maryland are killing jobs there and how we're grateful for the Tea Party in Kentucky for keeping Kentucky from being Illinois:
After years of papering over severe budget shortfalls, Illinois lawmakers Friday were closing in on a plan to raise the state income tax by 75 percent and refinance roughly $8.5 billion in debt in an effort to stabilize the state's finances.
In the end, the Illinois legislature hiked taxes and now businesses and jobs are looking to leave the state. Even Caterpillar, a family-run industrial institution of Illinois is entertaining offers from other states.
From the Chicago Sun-Times:
In a letter to Gov. Pat Quinn, the chairman of Peoria-based Caterpillar Inc. has raised the possibility of the company moving to another state because Illinois is headed in a direction that is "not favorable to business."
Governors from at least four states have tried to woo the heavy machinery company out of Illinois, and "they make compelling arguments," Caterpillar Chairman and CEO Doug Oberhelman noted in a March 21 letter to Quinn, in which he relayed how he had been called, cornered and "wined and dined'' by other states.
"Before, I never really considered living anywhere else, and certainly never considered the possibility of Caterpillar relocating," Oberhelman wrote. "But I have to admit, the policymakers in Springfield seem to be making it harder by the day."
Oberhelman did not cite specific policies he felt were bad for business, but a Caterpillar spokesman told the Associated Press that the state's recent income tax increase is an example.
For what it's worth, Mr. Oberhelman, Kentucky has a strong conservative movement from the Kentucky Club for Growth, Tea Parties and others that will fight to keep Kentucky's business environment more friendly. We hope our Governor's clever enough to be among those calling and cornering you...