How to End Capital Flight for Me but not for Thee: Illinois
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Incentive Taxation

How to End Capital Flight for Me but not for Thee: Illinois

Motorola going Mobile? Not on my watch.

There are very few states where of New Jersey would feel bullish enough to try and poach a business from a high tax climate. Yet, Illinois has made the grade, thanks to an increase in income and corporate tax that roughly doubled at the beginning of 2011. Governor Pat Quinn actually went onto the floor of the Illinois Legislature when the measure passed to thank the Sens. and Reps.

Unintended Consequences? 
 
The confidence of neighboring states took a hit, though, when the larger corporate entities, such as Sears, the Chicago Mercantile Exhchange and Caterpillar, sensibly started exploring cheaper places to do business.  Naturally, they announced this with press releases.  Naturally, the state of Illinois panicked, and reversed course, but ONLY for these big corporations and lower-income families (although it's a tax credit, relying on the hoary old gamble that most eligible won't file for it). Here's the bill, if you can get through it.

The Bag Holders

The catch of course, is that small to medium sized businesses still pay the higher rates. The hardware store, the feed store, the shoe store, etc. can't flee their customer base. They certainly don't have a voice in government to get a sweetheart tax deal, as do their middle-class customers.

Also suffering, as they have been for years, are the towns and school districts who need money to keep operating,but watch helplessly as the state government allows for-profit entities to not pay taxes.

Everyone owes a share of taxes. Everyone.  Yet, in the spirit of bipartisan fiascoes, Illinois demonstrates the folly of state privilege that makes the many pay for the few.



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