Tuesday, February 15, 2011

Border Wars

In case you haven’t noticed, recent political developments have created business opportunities for the states of Indiana and Wisconsin at the expense of Illinois. Governors from both neighboring Indiana and Wisconsin jumped at the possibility of luring businesses out of Illinois and into their states.



I believe Wisconsin was first by offering tax incentives to any business that relocates from Illinois. Next was New Jersey airing radio ads luring Illinois businesses there. The new New Jersey governor recorded the voice over himself.



The state of Indiana is officially on board but corrupt Lake County Indiana (we call it Cook County East) officials are aware that Mitch is spending his time luring businesses to Indianapolis, not Lake County. This prompted the Northwest Indiana Forum to go rogue.

An article in the local newspaper covered a recent Northwest Indiana Forum press conference where they announced it will run a $200,000. ad campaign to lure businesses from Illinois to Northwest Indiana.

From the article:

"In January, Illinois Gov. Pat Quinn signed legislation hiking Illinois' personal income tax rate to 5 percent from 3 percent and its corporate income tax rate to 7 percent from 4.8 percent. That amounted to a 66 percent hike in the personal income tax and a 46 percent hike in the corporate rate."

Not one word about cutting excess from their budget. None.



Many states are in deep financial doo-doo. In the case of Illinois they are being hoist on their own petard. Years of reckless democrat spending and labor union thuggery has not only caught up with them, they are now buried in severe debt. Their newly elected governor is a doosh (so what’s new?). He promised tax increases to fight their debt and won on that promise.

The whole state of Illinois is not to blame, it’s the two counties around Chicago that elected him, he lost in every other Illinois county.

So here we go, the tri-state battle for business.

No predictions from me but I sure am anxious to see how this one plays out.

UPDATE

He'll move so fast you'll freak.

Not a big loss for Illinois but sandwich icon and lifelong Illinois resident Jimmy John has left the state. Corp to soon follow?

1 comment:

Terry from Crown Point said...

Well they've lost one I know of personally. The other half's subchapter s corp was still registered in IL due to reasons concerning DBA, naming and banking. Our acct. said to get it out of IL and save THOUSANDS of $$ in taxes. When I spoke w/ a rep of the sec. of state in IN and related his advise to us, she had quite a belly laugh. "We've been having a lot of that lately", she said. We do live in Lake Co. (Cook Cnty. east) but I also saw that Porter Cnty. is changing at a dramatic rate. Cook Cnty. east, I believe, is on the move-east.