Wednesday, March 30, 2011

Caterpillar's Alarm Bell For Illinois -

But even the local UAW boss was appalled at Quinn's nonchalance and told an NBC affiliate in East Peoria that Caterpillar does not bluff. "When they are talking to you, you better listen. Because if you don't listen, bad things can happen," said Local 974 President Dave Chapman, in authentic union vernacular.

The cold hard fact about Illinois is that Quinn's tax hike makes Illinois not only a high-tax state, but an absolute tax-eater.

According to the nonpartisan Tax Foundation: "The corporate income tax will rise from 7.3% to 10.9%, a 49% increase and (making Illinois') the highest state corporate income tax in the United States and the highest combined national-local corporate income tax in the industrialized world."

In other words, anyplace Caterpillar moves — and that means anywhere — the tax situation will be an improvement on what it faces in Illinois.