Over the last six years, Illinois has ranked 45th out of 50 states in job creation, according to the American Legislative Exchange Council. In 2008, 175,000 jobs vanished -- a medium-sized city of lost jobs. Mr. Quinn's tax increase will mean 50% higher taxes for nearly every small business, subchapter S company and corporation in the state.Read the whole thing!
This is a state that does almost everything wrong economically. It is not a right-to-work state and is thus heavily unionized, repelling new business investment. It has the fifth highest minimum wage among the states, the fifth most trial-lawyer friendly legal code, the sixth highest workers' compensation costs, and the 11th highest property taxes. It has one of the highest inheritance taxes, at 16%, so retirees flee to states with no death tax, such as Florida and Arizona. A rare Illinois advantage has been its relatively low income-tax rate, but that will shrink or vanish under Mr. Quinn's increase.
Over the last six years the state's revenues climbed by $7 billion, but the flush times led to flush spending. Per capita state expenditures after inflation have climbed to $4,700 in 2008 from $3,200 in 1998. The state now spends roughly $13,000 per public-school student in Chicago, but the money has done little to reverse a dismal high school graduation rate of 51%. The charter schools in Chicago take a demographically similar group of students and achieve 77% graduation rates, but Democrats have put a cap on more charters.
Via Illinois Review!
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