Taxes, Taxes, Taxes!

By
Managing Real Estate Broker with Coldwell Banker Commercial Devonshire Realty

 

On the brink of a fiscal disaster in 2011, the Illinois legislature at the request of the Governor passed a substantial tax increase for both individuals and corporations. The individual and corporate rates increased by 66%. Proponents of the changed indicated the new rates would allow the State to start to reduce its backlog of unpaid bills, which was having a huge effect on many small businesses ability to survive. Opponents of the bill argued that the increase would slow down personal spending, reduce employment expansion and generally further erode a downward spiraling economy in the State.

 

Since the passage of the Tax Increase, the backlog of State unpaid bills has expanded, unemployment has not been reduced, and as reported in the State Journal Register on Sunday, June 24, the State has lost 1,695 jobs to Indiana and 116 jobs to Wisconsin. Furthermore, the companies who moved these jobs made an investment in those states of approximately $300,000,000. These jobs and additional investments appear to have been lost based on the more attractive business climate in each of the neighboring states.

 

As each business moves out of Illinois, properties become vacant and all of the providers required to keep those properties functioning lose revenues. It is time for us to make Illinois a more attractive place to do business and start to recover some of those lost employment positions. There are still properties available, and if you would like any information on other properties from Coldwell Banker Commercial Devonshire Realty, you can go to http://www.curtistillett.com/propertiesforsale.htmlor call Curtis Tillett at 217-726-3298.

 

 

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  1. Brian Schulte 07/02/2012 03:36 AM
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Rainer
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Andrew Capelli
Hoover Elementary - Hazel Park, MI

Curtis: Here in Michigan, too, we are seeing businesses from Illinois relocate.  Michigan recently revised its corporate tax structure to go from the 49th-worst state to the 7th-best, nationally.  And we're seeing the results- The local economy is steadily improving.  Interesting post- Thanks for sharing!

Jul 02, 2012 03:42 AM #1
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Rainer
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Curtis Tillett

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