Friday, January 27, 2012

Small Business Group Urges State Leaders To Fix Tax Ranking

Illinois Governor Pat Quinn and legislative leaders should be alarmed by the sharp fall in the state’s national ranking as a place to do business, said the National Federation of Independent Business (NFIB) Wednesday.

The Tax Foundation, a non-profit think tank based in Washington, ranks the states every year on their respective business climates.  Illinois' dropped this year farther and faster than any other state. “In 2011, Illinois enacted significant tax increases...businesses in the state now pay one of the highest corporate tax rates in the industrialized world,” said the report.

Illinois fell 12 places in the ranking from 16th to 28th, marking the sharpest decline among all 50 states. “This is not the way we want to be viewed regionally, nationally or internationally,” said  NFIB State Director Kim Clarke Maisch. “We are developing a reputation in the business community as a place to leave or avoid," she said. “We dropped in ranking in every category of taxation,” said Maisch.   “The trend is going in the wrong direction and if we remain on this course the damage may be irreversible.”

Maisch pointed out that Illinois is now almost surrounded by states with better business climates.  Indiana, Michigan, Kentucky and Missouri, all immediate neighbors, are all ranked higher in the report. “We can’t compete in our own region if we isolate ourselves with taxes that businesses can avoid simply by moving a few miles in either direction,” said Maisch.

The Tax Foundation's report is located here: http://taxfoundation.org/research/show/22658.html

1 comment :

Anonymous said...

As long as Quinn and his taxing buddies in Springfield are in charge, these ratings will continue to drop. Is it too much to ask them to work on a balanced budget and attack the real issues and problems we have in this state? The reason smaller communities can balance budgets and run lean and mean is they are usually legislated by average citizens that are concerned for their residents, and want their towns or villages a good place to live. State and County legislators? The word is "POLITICS" with how much can we make for ourselves! Term limits would be start.