Thursday, January 13, 2011

Illinois Budget Crisis (or Legislature Crisis)

In a time of budget crisis, the legislators in my home state of Illinois are looking to clobber us with Corporate Income Tax increase of 46% on top of a personal Income Tax boost of 75%. Our neighbors in Minnesota are debating eliminating Corporate Taxes. So, who’s crazy here? 

What if I told my customers that I did a lousy job running my business that caused me to go deeply in debt. Therefore, I will have to raise my prices—some up by 75%—to get through this tough time. I would not be able to get a going out of business sign up fast enough. That’s what would happen. 

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