[quote name='dohdough']Let's have some context on what "huge" means:
Personal income: 3% raised to 5%(+2%)
Corporate tax: 4.8% raised to 7%(+2.2)
If a 2.2% hike on taxes based on PROFIT causes a 1% state-wide hike in unemployment(feel free to find the actual numbers), The problems go deeper than taxation within that state.
edit: Not to mention how taxes in general are the lowest they've been in over 30 years. We had higher taxes under Reagan.[/QUOTE]
Depends on how you look at those numbers.
Personal income from 3% to 5% - a 66% increase.
Corporate tax from 4.8% to 7% - a 46% increase.
Now, add in the 2.5% corporate personal property tax and you end up with an effective rate of 9.5% - one of the highest in the country. (
http://www.taxadmin.org/fta/rate/corp_inc.pdf)
So, you operate a business in Illinois. You're in a state that's constantly rated in the top 5 (almost always in the top 10) for being unfriendly to business. You've got a state government that has proven time and time again to be corrupt - and that only cares about what goes on in one of the 102 counties in the state. Your business taxes just went up. You're probably a fairly well off individual, so your personal taxes just went up. You're being courted by neighboring states to relocate there (
http://taxprof.typepad.com/taxprof_blog/2011/01/indiana-and-wisconsin.html)... Yeah, you're correct, this state has a whole lot of issues... but the tax increases sure didn't help things.