Daley: Business Tax Hike Could Backfire
CHICAGO (WBBM/CBS) – Mayor Richard M. Daley has suggested the business tax hike approved by Gov. Pat Quinn could backfire.
Speaking Thursday, the mayor said the tax hike would mean businesses will likely make good on their threats to leave Illinois.
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“They can be any place they want. You have to have a good business environment,” Daley said. “They don’t issue a press release. They’re not going to have a press conference and say, ‘We’re moving 50 people here or there.’ They just do it.”
“Back in the mid-80s, Wisconsin used to have a great tourism slogan called ‘Escape to Wisconsin’–trying to draw folks up from Chicago and Illinois.” Walker said earlier this week. “We are going to renew that slogan except in this case for job creators.”
But Illinois State Senate President John Cullerton (D-Chicago) thanked Wisconsin for underscoring the situation, pointing that even after Illinois raises the corporate tax rate, it will still be almost a point less than that charged businesses in Wisconsin.
Even with the corporate income tax rising to 7 percent in Illinois, Wisconsin’s corporate tax is still slightly higher — at nearly 8 percent.