Not to interrupt a good Illinois-bashing (I live so so I’m entitled) - but facts have a bearing on this discussion.
Corporate tax rate in Illinois after all the jacking-up = 5%.
After incentives, losses, loopholes, etc. only about 1/3 of corporations actually pay these taxes.
And they have to weigh the benefits of being in Chicago vs. the costs, including corporate taxes. Some comparisons:
Iowa: 7.92%
Minnesota: 7.05%
Wisconsin: 6.5%
Missouri: 6%
Kentucky: 5.8%
Indiana: 3.4%
Of the adjacent states, only one has a lower corporate tax rate.
And bear in mind that Sub-S corporations pass thru their tax liability to the shareholders.
Indiana is the closest out of state location to the present Sears Headquarters............... I’m sure Gary-Hammond-East Chicago-Dyer-South Bend-Mishawaka-Goshen would welcome Sears with open arms, free land, and a 50 year tax abatement ~ and to boot, an already established commuter rail hook up to facilitate employee ease of transfer to a new location ~ http://www.nictd.com/systemmap.html
Illinois CorpTax.....
Under the Democrat-backed tax package, the current 4.8 percent corporate rate would go to 7 percent until 2015, when it would drop to 5.25 percent. And in 2025, it would return to the current 4.8 percent.
Corporations also pay a 2.5 percent tax on income, called the personal property replacement tax, which is collected by the state and flows to local governments. The two rates taken together come to 9.5 percent, the third-highest rate in the U.S., according to the Tax Foundation, a non-partisan Washington-based research grou
Thank you; sometimes I get carried away with my bashing; hence my screen name.
Actually, I’m a big fan of the Midwest, used to live in Madistan, loved visiting Chicago (in the warmer months), and I’m really only impatient with Illinois for Second Amendment reasons.