Author Topic: Know the signs of the times - leave Illinois  (Read 816 times)

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Offline Matthew

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Know the signs of the times - leave Illinois
« on: March 28, 2011, 05:20:23 PM »
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  • NEW YORK (CNNMoney) -- Illinois recently passed a budget that ticked off a lot of business people because it raised taxes on companies and individuals.

    You might count Caterpillar CEO Douglas Oberhelman as among the aggrieved.

    In a letter to Gov. Pat Quinn, Oberhelman says he wants to talk about how to move the state toward real fiscal reform.

    He's also kinda threatening to leave for greener pastures.

    "I want to stay here," Oberhelman wrote. "But as the leader of this business, I have to do what's right for Caterpillar when making decisions about where to invest."

    Oberhelman wrote that he has received letters from governors all over the country that would welcome Caterpillar with open arms. Their arguments are "compelling," he said.

    "I have been called, 'cornered' in meetings and 'wined and dined' -- the heat is on," Oberhelman said.

    Presumably, Oberhelman's chief complaint is the tax hikes enacted by Illinois lawmakers in January.

    Faced with a daunting $13 billion budget deficit, state legislators opted to raise personal and corporate income taxes. Companies now have to pay a 7% corporate tax rate for the next four years, up from the previous 4.8%. And Illinois businesses are already subject to a 2.5% surcharge.

    Along with the corporate tax hike, lawmakers raised the personal income tax rate to 5%, up from 3%.

    "The governor welcomes frank and open exchanges between the business community and government, and we are always open to new ideas that can help our businesses grow, innovate and create jobs," Quinn's office said in a statement.
    Tax hikes will hurt companies

    Caterpillar (CAT, Fortune 500) is headquartered in Peoria, and employs 23,000 people in Illinois.

    Illinois is not alone in its budget problems. States are facing a collective budget gap in the neighborhood of $40 billion.

    But the Illinois budget crisis, which has been decades in the making, is arguably among the worst in the nation. The state's income tax rates had not risen since 1989.

    The budget shortfall included $6 billion in unpaid bills to social service agencies, schools, contractors and others. In addition, the state's pension plan is severely underfunded.
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    Offline gladius_veritatis

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    Know the signs of the times - leave Illinois
    « Reply #1 on: March 28, 2011, 10:07:03 PM »
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  • Go where they will, we are all toast.  When money IS debt, it will catch up to you sooner or later, and with a vengeance.

    Our "solutions" are totally irrational!  The ONLY way out is to tell the Banksters and their insane system to "GO TO HELL!"
    + Vincit veritas +


    Offline parentsfortruth

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    Know the signs of the times - leave Illinois
    « Reply #2 on: April 07, 2011, 11:17:07 AM »
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  • I see Caterpillar moving to Wisconsin if they went through with all these increases.... maybe.

    And Glad, you're completely right about that.
    Matthew 5:37

    But let your speech be yea, yea: no, no: and that which is over and above these, is of evil.

    My Avatar is Fr. Hector Bolduc. He was a faithful parish priest in De Pere, WI,


     

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