Illinois plans to self-destruct
by Tom Rogan
| May 29, 2019 09:19 AM
Here's a basic principle for 21st century governance: to attract investment and high-skilled workers, a government must make it attractive to do business in their locale.
I note this in light of Illinois' newly passed state Senate bill increasing taxes on high-earners in the state. Supported by Democratic Governor J. B. Pritzker, and due for constitutional ratification in November 2020, the bill would increase taxes from 4.95% to 7.75% on individual earnings above $250,000, and to 7.99% above $750,000. Considering that Illinois already has some of the highest property taxes in America, this new tax increase is very ill-advised. Successful individuals and businesses will increasingly view the state as a place that doesn't want them.
After all, Gov. Pritzker has shown no serious interest in doing what would be necessary to rebuild confidence that his state is a good place to invest. Illinois continues to run a massive structural deficit, accompanied by an utterly bankrupt pension system. How will those challenges be addressed? There's no plan.
The current governing approach of soaking more blood from the stone only adds more weight to the understanding that Illinois is a place of perpetually increasing taxes. Or put another way, it's a place where the favored word of the successful should be be "goodbye."
https://www.washingtonexaminer.com/opinion/illinois-plans-to-self-destruct
