After running on a platform that included raising taxes, and with just hours to spare before the new legislature got sworn in, Quinn made good on his threat promise.
A triumphant Gov. Pat Quinn congratulated fellow Democrats early today after the Illinois Senate and House sent him a major income tax increase without a single Republican vote in favor.
Quinn smiled and shook hands on the floor of the Senate around 1:30 a.m. after the Senate voted 30-29 for the bill, which would raise the personal income tax-rate by 67 percent and the business income tax rate by 46 percent.
The House passed the bill hours earlier Tuesday night — likewise without a vote to spare and with nary a Republican in support.
Allow me a moment to share that which I believe properly shares my feelings on this matter:
That complete lack of republican votes is going to be a big point in their favor in 4 years, because there is no way our economy will improve with this hanging over us.
Mayor Richard Daley today predicted the increase in the corporate income tax rate passed by state lawmakers overnight will prompt a quiet exodus of jobs to neighboring states.
“Businesses don’t have press conferences like this and announce they’re moving 50 people out, 60 people out, 70 people,” Daley said.
But with several major companies in Illinois, I don’t think 50, 60, or 70 is likely.
Bosch Tools owns two companies that are in lawn and garden that are here in Illinois (One up in a suburb of Chicago, another in Peoria), and if Peoria’s people don’t see their jobs leave at the very least, I’ll be shocked. Not to mention Catapillar, who already isn’t a huge fan of making stuff in Illinois. I predict whole lines will get either shut down or moved out of states.
Where will they go? Well, it isn’t like there aren’t options:
“Years ago Wisconsin had a tourism advertising campaign targeted to Illinois with the motto, ‘Escape to Wisconsin,’” Walker said in a statement. “Today we renew that call to Illinois businesses, ‘Escape to Wisconsin.’ You are welcome here.”
While Wisconsin has a higher income tax, corporate taxes will now be lower, and companies that move now get two years exemption from those taxes.
Not to mention the very attractive locale that Indiana provides, what with not being a bankrupt state looking for ways to squeeze every last dime out of every single thing it can lay hand on.
So well done, Governor Quinn.
You just killed the state. Just like I knew you would.
We’re so proud.