The Libs in Illinois foolishly believe raising state income tax rates will combat the problem. Even worse they already have the 7th highest sales tax rate in the country.
Typical Lib logic thinks raising taxes equals more revenue to pay expenses.
They completely ignore the offsetting flight and far more harmful economic consequences.
This is exactly why DT is trying to drastically lower the US corp tax rate. Sky high rates cause massive flight and harm to the economy far outweighs higher tax collections.
Lower rates typically don't cause a strong decline in tax collections as more companies relocate back to the system and every dollar they contribute is pure gain.
We won't even get into what remittances under open border policies does to the economy. But as usual it's another thing CA leaders ignore at the peril of their economy.
It's clear as day the Libs running the show in CA and IL have no f'n clue how economics and finance works.
Higher individual state income tax, higher corp state income tax, AND higher sales and local tax. Hmmmm, I wonder why people/businesses are fleeing...
CA (ind) - 8+% on income over $50k
CA (corp) - 8.84%
CA (sales tax) - 8.25% (state and local)
IL (ind) - 4.95% (increasing from 3.75%)
IL (corp) - 7% (increasing from 5.25%)
IL (sales tax) - 8.64% (state and local)
TX (ind) - none
TX (corp) - 1% (at highest category)
TX (sales tax) - 8.19% (state and local)
Click to expand...