State's lawmakers pass 66 percent income tax increase

[GHook93]

Mayor Daley a tax and spend Democratic icon in IL is even highly critical of Governor Douche Bag's plan!

Daley says tax increase will send businesses out of state

Share | Posted by John Byrne at 11:25 a.m.

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.

The comments of the Democratic mayor, who is not seeking re-election in February, echoed those made by Republican lawmakers as the Legislature sent the tax increase to Gov. Pat Quinn overnight with just the votes of Democrats who control the House and Senate. Quinn, a fellow Democrat, is expected to sign it.



"We have a new governor-elect in Wisconsin, a lot of competition comes from Wisconsin

. (Gov.) Mitch Daniels from Indiana, a lot of competition," Daley said at a City Hall

DALEY?!? Of the Crime family Daleys?

I hate doing this, but I seriously need a link. I simply can't fathom Daley breaking from the herd.

My bad I just tossed it in my post. Right from the Trib!

 

[Annie]

Tax rate in Oregon is 11%.

So much opera about moving the rate from 3 to 5 is kind of silly.

(OTOH, Oregon has no Sales tax )

Ill does. If I recall it's at least 6%.

I think the more important issue is spending. There's not only no cuts coming, the state union workers are going to get thier raise.

So you see, this "temporary increase" is a lie, b/c they are increasing spending, which will have to be paid for.

6.75% sales tax. They also tax all utilities, gas, real estate sales, car sales are higher than regular sales tax...

 

[GHook93]

Tax rate in Oregon is 11%.

So much opera about moving the rate from 3 to 5 is kind of silly.

(OTOH, Oregon has no Sales tax )

Ill does. If I recall it's at least 6%.

I think the more important issue is spending. There's not only no cuts coming, the state union workers are going to get thier raise.

So you see, this "temporary increase" is a lie, b/c they are increasing spending, which will have to be paid for.

6.75% sales tax. They also tax all utilities, gas, real estate sales, car sales are higher than regular sales tax...

Not in Cook County, the by far largest county of IL, includes Chicago. Its 10% regular 12% for prepared foods! Highest in the nation!

 

[Soggy in NOLA]

AWESOME!!!!! t will just quicken the end for them.

Great news and proof positive, liberalism is indeed a mental disorder.

 

[shintao]

AWESOME!!!!! t will just quicken the end for them.

Great news and proof positive, liberalism is indeed a mental disorder.

Another imbecile rooting for America to fail................

Is that something you are required to do for the PRC loan they are giing you?

 

[Toro]

I read this today.

They also apparently promised to keep spending growth at only 2%.

lol

Ijits.

 

[code1211]

Who except government demands you pay 66% more for the same crap you always got?

private companies

Only those private companmies that are looking forward to a bail out.

 

[code1211]

private companies

If a private company charges more for the same, you can go to another company.
.

This isn't really true with all the Oligopolies out there

Please list those companies that have instituted a 66% increase in their pricing during this recession.

 

[code1211]

http://www.usmessageboard.com/3192847-post10.html

There are two types of taxations flow-through and dual taxation. Flow-through gets taxed on the individual's (owners/shareholder for S Corps) income tax based on profits. It hits everyone but the C Corp. S Corps, LLC, GP, LP, LLP etc. so the 2% increase in taxes will hit these guys.

The Dual taxation is where the Corporate taxes comes into play. C Corps get hit with the dual tax and hence will be hit with the highest Corporate Tax Rate on Earth at the entity level and then at the shareholder level distribution. The List of IL C-Corps are who is going to get effected and who have just been provided all the incentive a bad politician/business man could give to a company to relocate!


Note on State Corporate Tax - It is just not taxed on Corporations headquartered in the state its also on income/revenue or activities within the jurisdiction. That includes domestic (companies organized in that state) or foreign (companies that have significant presence or create revenue from the state, but organized in another state)!

THE BIG ONES - Headquartered in IL (aka Fortune 500 Co):
McDonald's
Sears
Caterpillar
John Deere
United Airlines
Boeing
AON
RR Donnelley
Exelon
Smurfit Stone Container
Tribune Co
USG Corporations
Abbott Labs
Allstate
Baxter
Brunswick
CDW
Fortune Brands
Hewitt Assoc
IL Tool Work
Motorola
Navistar
NiSource
Sara Lee
Tenneco
United Stationers
Walgreens
WW Grainger


The following companies have headquarters within the Chicago city limits:

Aon Corporation (ranked #298 on the 2010 Fortune 500 list)
A.T. Kearney
Bally Total Fitness
Boeing (ranked #28 on the 2010 Fortune 500 list)
CareerBuilder
Chicago Board Options Exchange
CME Group
Chicago Stock Exchange
Citadel Investment Group
Classified Ventures
CNA Financial (an affiliate of Loews Corporation)
Diamond Management & Technology Consultants
Encyclopædia Britannica, Inc.
Equity Office Properties Trust
Exelon (ranked #134 on the 2010 Fortune 500 list)
GATX Corporation
General Growth Properties
Global Hyatt
Hartmarx
Hostway
Integrys Energy Group
InterCall
Jones Lang LaSalle
Kerasotes Theatres
Koval Distillery
La Petite Academy
Magnetar Capital
Merisant
Metal Management
Midway Games
MillerCoors
Morningstar, Inc.
Morton Salt
National Stock Exchange
NAVTEQ
Northern Trust
Old Republic International
Orbitz
Playboy Enterprises
PTI Securities & Futures
Quaker Oats Company, a unit of PepsiCo
RR Donnelley (Ranked #240 on the 2010 Fortune 500 list)
Ryerson, Inc.
ShoreBank
Skidmore, Owings and Merrill
Smurfit-Stone Container (Ranked #374 on the 2010 Fortune 500 list)
SSA Global Technologies
SymphonyIRI Group
Telephone and Data Systems Incorporated
Tootsie Roll Industries
TransUnion
Tribune Company (Fortune 500)
True Value
UBid
United Airlines (Corporate Offices) (Ranked #140 on the 2010 Fortune 500 list)
Unitrin Inc (S&P 400 MidCap, S&P 1500 Super Comp)
U.S. Cellular
USG Corporation (Ranked #458 on the Fortune 500)
Whittman-Hart
Wilson Sporting Goods
World Book Encyclopedia
Wm. Wrigley Jr. Company


The following companies are based in Chicago's suburbs:

AAR Corporation (Wood Dale, Illinois)
Abbott Laboratories (Abbott Park, Illinois) (Fortune 500)
ACCO Brands (Lincolnshire, Illinois)
Accuquote (Wheeling, Illinois)
Ace Hardware (Oak Brook, Illinois)
ACNielsen (Schaumburg, Illinois)
Alberto-Culver (Melrose Park, Illinois)
Allstate (Northbrook, Illinois) (Fortune 500)
Andrew Corporation (Westchester, Illinois)
Anixter International (Glenview, Illinois)
Aquascape, Inc. (St. Charles, Illinois)
Arthur J. Gallagher & Co. (Itasca, Illinois)
Baxter International (Deerfield, Illinois) (Fortune 500)
BFG Technologies (Lake Forest, Illinois)
Blistex, Incorporated (Oak Brook, Illinois)
Brunswick Corporation (Lake Forest, Illinois) (Fortune 500)
Calamos Holdings LLC (Naperville, Illinois)
Career Education Corporation (Hoffman Estates, Illinois)
CDW (Vernon Hills, Illinois) (Ranked #376 on the Fortune 500)
CF Industries (Deerfield, Illinois)
Claire's (Hoffman Estates, Illinois)
Corn Products International (Westchester, Illinois)
Così (Deerfield, Illinois)
Coskata, Inc. (Warrenville, Illinois)
Crate and Barrel (Northbrook, Illinois)
Culligan (Rosemont, Illinois)
DeVry University (Oakbrook Terrace, Illinois)
Discover Financial Services (Riverwoods, Illinois)
Donlen Corporation (Northbrook, Illinois)
Eby-Brown (Naperville, Illinois)
Electro-Motive Diesel (McCook, Illinois)
Farm Progress (St. Charles, Illinois)
Fellowes, Inc. (Itasca, Illinois)
First Alert (BRK Brands) (Aurora, Illinois)
Follett Corporation (River Grove, Illinois)
Fortune Brands (Jim Beam, Courvoisier, Titleist and many others) (Deerfield, Illinois) (Fortune 500)
Grant Thornton LLP (Oakbrook Terrace, Illinois)
Griffith Laboratories (Alsip, Illinois)
Hendrickson International (Lemont, Illinois; a subsidiary of The Boler Company (Itasca, Illinois))
Hewitt Associates (Lincolnshire, Illinois) (Fortune 500)
Hospira (Lake Forest, Illinois)
IDEX Corporation (Northbrook, Illinois)
Illinois Tool Works (Glenview, Illinois) (Fortune 500)
Kraft Foods (Northfield, Illinois)
McDonald's Corporation (Oak Brook, Illinois) (Fortune 500)
Mead Johnson Nutrition (Glenview, Illinois)
Molex (Lisle, Illinois)
Motorola (Schaumburg, Illinois) (Fortune 500)
Nalco Holding Company (Naperville, Illinois)
Namco Cybertainment (Bensenville, Illinois; a subsidiary of Japan-based Namco)
Navistar International (Warrenville, Illinois) (Fortune 500)
Nicor (Naperville, Illinois) (S&P 500)
NiSource (Merrillville, Indiana) (Fortune 500)
Northfield Laboratories (Evanston, Illinois)
OfficeMax (Naperville, Illinois)
Pactiv (Lake Forest, Illinois)
The Pampered Chef (Addison, Illinois)
Portillo's Restaurants (Oakbrook Terrace, Illinois)
Quill Corporation (Lincolnshire, Illinois)
Rand McNally (Skokie, Illinois), a subsidiary of Quebecor World
Redbox Automated Retail, LLC (Oakbrook Terrace, Illinois)
Sanford (Oak Brook, Illinois; a division of Newell Rubbermaid)
Sara Lee Corporation (Downers Grove, Illinois) (Fortune 500)
Sauer-Danfoss (Lincolnshire, Illinois)
Sears Holdings Corporation (Hoffman Estates, Illinois) (Fortune 500)
Serta (Hoffman Estates, Illinois)
Shure (Niles, Illinois)
SIRVA (Westmont, Illinois)
Solo Cup Company (Highland Park, Illinois)
Stepan Company (Northfield, Illinois)
TAP Pharmaceuticals (Lake Forest, Illinois)
Tellabs (Naperville, Illinois)
Tenneco (Lake Forest, IL) (Fortune 500)
Topco Associates, LLC (Skokie, Illinois)
Turtle Wax (Willowbrook, Illinois)
Ulta (Bolingbrook, Illinois)
Underwriters Laboratories (Northbrook, Illinois)
United Airlines (Base of Operations) (Elk Grove Township) (Fortune 500)
United Stationers (Deerfield, Illinois) (Fortune 500)
U.S. Foodservice (Rosemont, Illinois)
U.S. Robotics (Schaumburg, Illinois)
Van Kampen Investments (Oakbrook Terrace, Illinois)
Vanee Foods (Berkeley, Illinois)
Velsicol Chemical Corporation (Rosemont, Illinois)
Walgreens (Deerfield, Illinois) (Fortune 500)
Weber-Stephen Products Co. (Palatine, Illinois)
Westell (Aurora, Illinois)
WMS Gaming (Waukegan, Illinois)
World Dryer (Berkeley, Illinois; a subsidiary of Carrier Commercial Refrigeration)
World Kitchen (Rosemont, Illinois)
W. W. Grainger (Lake Forest, Illinois) (Fortune 500)
Zebra Technologies (Vernon Hills, Illinois)
Zenith Electronics (Lincolnshire, Illinois; a subsidiary of South Korea-based LG Electronics)



Other large corporations with an established presence in Chicago and/or its suburbs (but whose corporate headquarters are located elsewhere), including:

ABN AMRO (Asset Management)
Accenture (Chicago; Global headquarters: Dublin, Ireland)
Acxiom (Downers Grove, Illinois)
Affiliated Computer Services (ACS) (Schaumburg, Illinois) (Fortune 500)
Ajinomoto (Ajinomoto Food Ingredients LLC & Ajinomoto Heartland LLC) (Chicago)
AkzoNobel (Polymer Chemicals Unit)
ALDI (U.S. headquarters: Batavia, Illinois)
Amada Co (Amada Machine Tools America) (Schaumburg, Illinois)
ArcelorMittal (U.S. headquarters: Chicago Loop; plants in Riverdale, Illinois, East Chicago, Indiana, and Burns Harbor, Indiana)
Astellas Pharma (Deerfield, Illinois)
AT&T
Bank of America
Bank of Montreal (Harris Bankcorp, BMO Capital Markets)
BMW of North America (Central Region Office) (Schaumburg, Illinois)
BP (Warrenville and Naperville, Illinois; Whiting, Indiana)
Bridgestone (Bridgestone Retail Operations, LLC) (Bloomingdale, Illinois)
Butterball LLC (Naperville, Illinois)
Canon USA (Itasca, Illinois)
Cargill (Chicago; Hammond, Indiana)
Caterpillar Inc. (Peoria, Illinois)
Citgo (Lemont Refinery, Lemont, Illinois)
ConAgra Foods (Downers Grove, Illinois)
Continental Automotive Systems (Temic) (Deer Park, Illinois)
CSX Transportation (Northern Region Operations Center) (Calumet City, Illinois)
Dyson Appliances Limited (Dyson US) (Chicago)
Experian (Schaumburg)
FANUC (Hoffman Estates, Illinois)
Fitch Group
Ford Motor Company (Chicago Assembly, Chicago Heights Stamping)
Fujifilm (Fujifilm Medical) Hanover Park, Illinois)
General Electric
Goldman Sachs
HSBC Finance, a subsidiary of HSBC (Mettawa, Illinois)
Hyundai Motor Company (Aurora, Illinois)
IBM
Ineos/Innovene (Chicago and Naperville, Illinois; Whiting, Indiana)
JPMorgan Chase (See: Bank One Corporation)
Lucent Technologies
Makino (Elgin, Illinois)
McKesson Corporation (Wheeling, Illinois)
McGraw-Hill (Chicago Loop)
Microsoft (Chicago Loop; Downers Grove, Illinois; Northlake, Illinois (data center))
Mintel
Mitsubishi Electric (Mitsubishi Electric Automation, Inc.) (Vernon Hills, Illinois)
Mitutoyo (Aurora, Illinois)
Mori Seiki (U.S. headquarters: Hoffman Estates, Illinois)
Navigon (Navigon Inc., Chicago)
NEC (NEC Display Solutions) (Itasca, Illinois)
Nissan Motors (Aurora, Illinois (Nissan North America); Marengo, Illinois (Nissan Forklift))
Noritake (Arlington Heights, Illinois)
Nortel (Schaumburg, Illinois)
Northrop Grumman Electronic Systems (Rolling Meadows, Illinois)
OMRON (Schaumburg, Bannockburn, St. Charles)
Panasonic Corporation (Panasonic Factory Solutions Company of America) (Rolling Meadows & Buffalo Grove, Illinois)
Pearson Education, publishing as Scott Foresman (Glenview, Illinois)
PepsiAmericas (corporate offices) (Schaumburg, Illinois)
Popular, Inc. (Banco Popular North America) (Rosemont, Illinois)
Rexam
Robert Bosch Corp. (Broadview, Illinois (automotive aftermarket); Mount Prospect, Illinois (production tools); Hoffman Estates, Illinois (Bosch Rexroth))
Rockwell Automation (Burr Ridge, Illinois)
SAP AG (Downers Grove, Illinois)
Schneider Electric (Palatine, Illinois)
Siemens Healthcare Diagnostics (U.S. headquarters: Deerfield, Illinois)
Siemens Medical Solutions (Hoffman Estates, Illinois)
Smithfield Foods (Armour-Eckrich Meats LLC) (Lisle and St. Charles, Illinois)
Southwest Airlines (Chicago Midway International Airport)
SSAB North America (Lisle, Illinois)
STMicroelectronics (Schaumburg, Illinois)
Sumitomo Corporation of America (Rosemont, Illinois)
Takeda Pharmaceutical Company (U.S. headquarters: Deerfield, Illinois)
Toshiba America (Arlington Heights; Buffalo Grove; Chicago Loop; Rolling Meadows)
Toyota Motor Sales, U.S.A., Inc. (Aurora and Naperville, Illinois)
Tyco International (Tyco Electrical & Metal Products) (Harvey, Illinois)
UBS AG
Unilever (Home & Personal Care North America) (Chicago)
UPS (CACH) (Hodgkins, Illinois)
UOP LLC, a subsidiary of Honeywell (Des Plaines, Illinois)
U.S. Steel (Gary Works) (Gary, Indiana)
Willis Group Holdings (Chicago Loop - Willis Tower, Schaumburg, Illinois)
XL Capital (Chicago Loop, Schaumburg, Illinois)
Yaskawa Electric Corporation (Waukegan, Illinois)
ZF Friedrichshafen (Vernon Hills, Illinois)
Zurich Financial Services (Schaumburg, Illinois)

Wonder what this list will look like a year from now.

Probably much the same, just downsized on how many people they hire to work for them. My point is more in that they raise taxes but lose the jobs/pay to tax people. This will hurt more than just income tax but what people spend and so on. They might still make gains with higher taxes but I doubt it will be as high as predicted.

It cost a lot to move a company...

It does, but it is a one-time cost. An increase in taxes is a gift that just keeps on giving.

This is why a company buys a $200,000 machine to reduce the workforce. The machine has the large initial cost and there is some maintenance, but the payroll and benefits eat that up pretty quickly.

I have personnaly seen my customers move their entire business to a state with more favorable tax policies. It bites. Can't blame them, though.

The state they leave is gambling that they just won't move. Those states usually continue gambling as they open casinos to replace the tax revenues.

The way to increase jobs is to make the environment favorable for those who have the means and ability to create jobs. If you chase away the job creators, you chase away the jobs. It really is that simple.

It happens within cities with high rates of crime and resulting high vandalism and low workforce retention.

It happens in states with the wrong combination of taxes and infrastructure and in countries with a poor ROI potential.

You don't create jobs by punishing the job creaters. You create jobs by rewarding the job createres.

 

[American Horse]

Gadzooks! What a boon this will be for Indiana! Our poorest region, the Calumet, right across the state line from Chicago will greatly benefit from this, as businesses flee to a better business climate vis-a-vis taxes and regulation already in place.

 

[Two Thumbs]

I read this today.

They also apparently promised to keep spending growth at only 2%.

lol

Ijits.

That's awesome. That 2%? Much of that will be union raises.

And it's "ijits" like this that wonder why so many conservatives moved in to DC.

 

[Two Thumbs]

Mayor Daley a tax and spend Democratic icon in IL is even highly critical of Governor Douche Bag's plan!

. (Gov.) Mitch Daniels from Indiana, a lot of competition," Daley said at a City Hall

DALEY?!? Of the Crime family Daleys?

I hate doing this, but I seriously need a link. I simply can't fathom Daley breaking from the herd.

My bad I just tossed it in my post. Right from the Trib!

Also from the Tribune;

The General Assembly is wrong to ask taxpayers to bear the burden of fixing the state's financial crisis without first cutting more costs, the mayor said. "In some way they think the taxpayers of Illinois have a lot of money," Daley said. "You have to have a combination. People don't mind a tax increase if you cut out the waste and inefficiency."

If I has not read it, I would not beleive it. Daley broke from the herd and spoke the truth.

Sorry I doubted you Ghook. I sincerely apologise.


now in my defense

whodafrigginthunkit? Daley breaking from the herd?!? This is on par with Obama saying he wants to make cuts to welfare.

 

[Two Thumbs]

AWESOME!!!!! t will just quicken the end for them.

Great news and proof positive, liberalism is indeed a mental disorder.

Another imbecile rooting for America to fail................

Is that something you are required to do for the PRC loan they are giing you?

Child

He's not routing for failure he's noting that they are doing the same thing that got them there only faster and harder.

It's them that want Il to fail. If they didn't they wouldn't keep doing the same thing over and over again hoping for a different result.

 

[editec]

Who except government demands you pay 66% more for the same crap you always got?

Everybody who can.

 

[RetiredGySgt]

Who except government demands you pay 66% more for the same crap you always got?

Everybody who can.

The actual raise is from 3 percent to 5 percent. Not much of a raise. The business raise is a bit more 4 percent to 7 Percent. Only 2 of the neighboring States will have a lower rate after this goes into effect.

Much to do about nothing. Don't get me wrong I do not support tax increases but this one is small potatoes.

 

[Claudette]

Christie in NJ has gone after spending.

Be interesting to see which State makes out better. NJ or ILL.

 

[The Rabbi]

Who except government demands you pay 66% more for the same crap you always got?

Everybody who can.

Exactly. The difference is when Company X demands a 66% increase I can always buy from Company Y instead. When the gov't demands an increase the only thing I can do is move.

 

[JWBooth]

State's lawmakers pass 66 percent income tax increase

Illinois?

 

[American Horse]

Who except government demands you pay 66% more for the same crap you always got?

Everybody who can.

Exactly. The difference is when Company X demands a 66% increase I can always buy from Company Y instead. When the gov't demands an increase the only thing I can do is move.

As long as there is still federalism vis-a-vis states rights.

 

[saveliberty]

Let's see, Illinois increases income tax 2% to a total of 5%...

They have a 6.25% sales tax rate...

2% motel/hotel tax...

Can't drive anywhere without paying a toll...

Cool!

Hey Illinios business and industry! Michigan is under 5% for income tax and sales tax is 6% and we have willing workers and surplus housing. Come on over!