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.

LISTEN: Newsradio 780’s John Cody Reports

“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.”

Wisconsin Gov. Scott Walker called Illinois’ corporate tax hike a job killer as invited Illinois businesses to move north.

“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.

  • Larry

    Cullerton,Walker also said if you have not done business in Wisconsin for the last 10 years he will repeal your taxes for the first 2 years.Read you ahole the whole story.

  • Jimbo

    I’m surprised that as bad as it is, the corporate tax increase seems in the headlines more than the personal income tax of 5%.

    The important thing to remember is politicians who voted for and against. The polling places is where we can make a big difference.

  • Nick

    “Cullerton,Walker also said if you have not done business in Wisconsin for the last 10 years he will repeal your taxes for the first 2 years.Read you ahole the whole story.”

    Yeah, except something like that has to be approved by the Wisconsin general assembly. Governor Walker can’t just say it and suddenly it makes it so.

  • Republicans 2012!!!

    Just think if everyone had just VOTED this would not be happening! Quinn barely won this election! Get to the polls people!!! The day after Quinn won he then announced it was the will of the people to increase taxes, since he was elected! I know thats the change was hoping for! NOT

  • State of Disgrace

    Democrats are finally fiished in this state. This filth had finally buried this state.
    Indaina Governor was right calling us the Simpsons.
    We ned the Feds to investiagte the deals in Springfield.
    Time to rid the state of madigans, cullertons and quinn. I didnt even bother to Cap their names

    • chuck

      I’d like that to be true but doubt it. Illinoisans, even the GOP ones are too attached to their townships and abundance of counties. How in the hell can much bigger states get along with far fewer countiees and no townships at all? I’t time to do away with all the multiple convoluted layers of government at the state level and become leaner and meaner. So much money is wasted that could be used for so much other good or left in the pockets of the residents

  • mr. r

    IL Corporate rate is going to be 7 plus 2.5 state replacement tax therefore 9.5
    “Wisconsin is nearly 8”. Give the full story!

    • chuck

      HUH? were are you getting that 2.5% from? State income tax went up that much but you can’t tack that onto the corporate rate and say it’s now 9.5% You need tell the full story or post some links to were you got your info

  • chuck

    we were going to start a business now- forget it

  • Denver Smeghead

    Well, Daley would know about spectacular backfires, wouldn’t he?

    After all, he’s the one that pushed so hard for the Olympics, and how full of it his numbers were about how the city wouldn’t lose billions as pretty much every other Olympics in recent memory has done…

    Only to get knocked out in the first round of voting.

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