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Raise taxes on the rich. Raise taxes on the big businesses in Illinois--or, if they're anything like Oregon and Washington, stop giving them so many tax breaks
by Frondo 9y ago
Raise taxes on the rich. Raise taxes on the big businesses in Illinois--or, if they're anything like Oregon and Washington, stop giving them so many tax breaks.
That's one solution.
- nradov 9y agoRaise taxes enough and rich people and big businesses will simply leave Illinois.
- Frondo 9y agoThat doesn't really happen. Certainly it is a scare tactic that the rich have successfully employed to fool people with, but rich folks tend to stay put even more than poor people. Here's one article of many, many you can find: https://www.citylab.com/equity/2016/06/do-taxes-really-cause-the-rich-to-move/487835/ https://www.citylab.com/equity/2016/06/do-taxes-really-cause... The closing paragraph: "Ultimately, the study finds that, while some millionaires do move to lower-tax destinations, the overall rate of millionaire migration is extremely low. When all is said and done, the super-rich tend to migrate less then the rest of us. The reason for this is simple—most people depend on the places they live for their incomes, since their businesses are based there. Indeed, this new study confirms an increasingly important fact of our economic geography: because some places generate a lot more wealth than others, the amount of money we make is largely tied to where we live."
- squeegee5 9y agoPrecisely. Why does Apple run an operation in Ireland instead of Illinois or California? It isn't the result of some sense of corporate generosity. It is pure fantasy to imagine capital will not flee the state when burdened with anticompetitive taxation.
- deleted 9y ago[deleted]
- jhoward321 9y agoThey'll just leave, like they're already doing. Illinois already has net decreasing taxable revenue, driving out the wealthy tax payers just exacerbates the issue.