Illinois Business Climate Ranks in Bottom
by Emily Dietrich Yesterday’s headline in the Chicago Tribune, “Illinois Among Worst States to do Business,” encapsulates what’s been on the minds of countless job creators and job seekers across the state. A new study by the Development Counsellors International reports that of the 322 U.S. corporate executives surveyed, nearly one quarter viewed Illinois as having one of...
by Emily Dietrich
Yesterday’s headline in the Chicago Tribune, “Illinois Among Worst States to do Business,” encapsulates what’s been on the minds of countless job creators and job seekers across the state.
A new study by the Development Counsellors International reports that of the 322 U.S. corporate executives surveyed, nearly one quarter viewed Illinois as having one of the least favorable business climates. In fact, Illinois ranked only behind California and New York as having the worst business climate. The respondents said that high taxes and high costs hampered Illinois’s business environment.
High taxes and high costs are very real sore spots for business owners and workers alike. Just this year, politicians slammed Illinois with increased tax rates and new regulations.
Personal income tax rates spiked 67 percent and corporate income tax rates went up 46 percent. Months later, the online affiliate tax – commonly known as that Amazon.com tax – took effect. This caused revenue and income to dry up for online marketers as internet retailers severed ties with over 9,000 Illinois marketing affiliates.
Looking at the big picture, Illinois lost over 105,000 people from its employment rolls since the beginning of the year. The unemployment rate now stands at 9.9 percent.
Even if you do have a job, things can still be tight. In fact, according to the Wall Street Journal, Illinois saw real household income decline from $54,733 in 1996 to $50,761 in 2010. That’s a staggering 7.3 percent drop.
Instead of driving businesses out of Illinois, politicians should be embracing the pro-business policies of the survey’s top finishers. Texas, North Carolina, and South Carolina were ranked as the states most friendly to business.
There’s no sense in re-inventing the wheel – let’s take a page from their job-creation playbook.