Jobs - that's the answer to getting us out of a recession. Private sector jobs. What do Madigan and Cullerton and Quinn come up with - a MASSIVE income tax increase and a push to chase all Amazon.com retailers out of IL.
The tax increase that will have the biggest effect on our local economies is the one that I don't see much discussion about - it's the corporate income tax increase. Does anyone thing that Caterpillar is going to take this lying down? It is a massive disincentive to locate your business here, and it is a nice incentive to move your business to another location.
In other news, democrats decide to force Amazon.com and other companies to collect an additional 6.25% and from their customers and pass it along to the IL state treasury. Why, because some companies located in IL are selling products on their site. Amazon.com's response is to close the book on these vendors, effectively moving all of these companies out of the state, with their property tax and payroll tax and corporate income tax and personal income tax and sales tax they pay for things they buy for their personal and business use, all in tow.
When consumers become stressed financially, lenders see a trend in their credit report and react. When lenders look at the frequency and severity of poor credit decisions, and they react by cut credit off, or loaning money at the highest rate possible. The taxpayer is the lender in this case, and is making a horrible move by allowing the consumer (state of IL) to take more and more of our income without changing the way they do business. This is especially dangerous to the long term financial stability of the state, because they are making decisions that negatively affect our business climate now and well into the future.