Tuesday, February 8, 2011

IL Raises Taxes, Businesses Close

Right after the first of the year, the Illinois state legislators and Gov Quinn decided to give the state a raise in their operating revenue.
And like true tax and spend liberals they are, they went for a 2% raise on individual and Corporate income tax, a hike that was warned would be bad for the states business climate.
And as predicted, businesses are starting to hemorrhaging jobs.

From the Chicago Tribune.

Kmart is among seven companies that have warned the state this month that they are planning closings or mass layoffs. Kmarts in Franklin Park, Ill., and Washington, Ill., will close, the company said, putting 144 employees out of work.
The Illinois Department of Commerce and Opportunity requires employers to provide 60 days notice of plant closures or mass layoffs. The law applies to businesses with 75 or more full-time workers.
Gold Standard Baking, Inc. will close a commercial bakery at 250 N. Washtenaw Ave. in Chicago, cutting 73 jobs by the end of March. 67 workers are expected to be laid off by the end of February at Itasca-based C. D. Listening Bar Inc., which sells DVDs, CDs, books and video games online at DeepDiscount.com.
AGI North America, LLC, a paperboard box manufacturing company in Jacksonville, is closing at the end of March, putting 70 employees out of work. Gray Interplant Systems, Inc. – a warehousing and storage company in Peoria and Mossville – is planning mass layoffs for the first two weeks in April, affecting 167 workers. 
Additional layoffs were also announced at Silgan Plastics in Woodstock, Fulton Industries in Rockford, Novartis Pharmaceuticals Corp. in Schaumburg, ZipRealty, Inc. in Park Ridge and Material Control Inc. in North Aurora. The company Dynegy, Inc. is closing Vermilion Power Station in Oakwood, IL, putting 53 employees out of work.

6 comments:

Christopher - Conservative Perspective said...

Mark, This is bad but also expected news.

The majority of voters in your state can only blame themselves for this and this is only the beginning.

When the exodus of people from the state starts then tax revenues will drop even further and of course the socialist's answer to that will be more of the same, raise taxes yet again (see California).

AdamsPatriot said...

Illinois should have learned from the increase in taxes in New York.

Because of tax increases, more than 1.5 million state residents left for other parts of the United States from 2000 to 2008.

And since Democrat Gov. Patternon increased taxes on the wealthy in New York, an exodus began that made the Liberals head spin!

Maryland Democrat Gov. Martin O'Malley did the same and by 2008 a third of Millionares left the state.

Many of the wealthy have either left for Florida, Delaware, South Carolina and Virginia or claimed a second residence in those states as their primary residence, thereby skirting the primary tax laws of the states that raised the taxes.

The wealthy own businesses and do the employing of others within the tax hike states, which then lead to higher unemployment when they leave.

With purchases made on the internet you can move your brick and mortar facility when you need.

Illinois will loose their business to friendlier states like Missouri. Too bad for the unemployed that the Dems in Illinos and other Liberal states just don't get it.

Amusing Bunni said...

I knew this would happen. That quinn is the biggest jerk going! I wish he'd go. How the morons out here voted for him when he RAN ON THE PLATFORM of RAISING our TAXES makes me want to puke!

Mark Adams said...

Yea, Christopher, but Brady didn't lose by much. The unions put Quinn over the top, but of course, they now get what the deserved, only thing is... I have to suffer right alongside them clowns.
Thinking about orchestrating a recall petition drive to recall his sorry ass.

Mark Adams said...

AP they also should have learned the lesson of MI also. Granholm sure did put a hurt on that state... and they're right nextdoor. Go figure.

Mark Adams said...

Sure sucks big time Bunni. The day that Brady conceded, I commented on a Trib article about it and congratulated IL for handing us a tax & spend liberal that will bring down the state business climate.
Some there thought I was nuts.... I am sure they are singing a different tune now.