The plight of Illinois just seems to get worse and worse:
As Illinois tax rates shoot up, nearby states are fluffing their feathers in an attempt to catch the eye of businesses looking to leave the Land of Lincoln.
Governor Pat Quinn (D) and the slim Democratic majority that passed the rate hike claim it was necessary to keep the state afloat: Considering Illinois’ comptroller already spends much of his time apologizing to creditors for missing payments, it’s more likely that businesses will start fleeing the flattened wreckage. Illinois now boasts the highest corporate income tax in the world when all charges are taken into account, and is heading into 2011 with a 40 percent budget shortfall. The tax hike drops the state 13 places in the Tax Foundation’s State Business Climate rankings.
[. . .]
Other state governors took their shots at Illinois’ duncery: Daniels compared the state to The Simpsons, saying “Oh you guys are nothing if not entertaining over there.…you know the dysfunctional family down the block?” Wisconsin Gov. Scott Walker (R) repeated his promise to lower his state’s tax rates and hinted business should heed the old tourism bumper sticker motto: “Escape to Wisconsin.” New Jersey’s Chris Christie (R) was making plans for an Illinois salesmanship trip before the legislation was even signed.
I remember hearing about the massive tax increase in Illinois, with reports about 50-60% hikes, and I thought it was pretty bad. However, even after this massive increase the Illinois state tax level would still be a rounding error compared to Ontario provincial taxes.
