Companies Leaving Chicago To Indiana Due To High Taxes
This ARTICLE On Companies Leaving Chicago To Indiana Due To High Taxes Was PUBLISHED On October 27th, 2019
Many real estate analysts and experts have predicted that if city, county, and state government kept on increasing taxes in Illinois, businesses and individual taxpayers will be fleeing Illinois.
- Governor J.B. Pritzker disagreed
- Pritzker has told Illinoisans that businesses and residents will not move out of Illinois because the state has too much to offer
- Great universities, great healthcare, transportation, and all the amenities the state has to offer will attract businesses and taxpayers
- Illinois has the nation’s second-highest property tax
- New Jersey holds the first position on having the highest property tax in the U.S.
- Illinois keeps on increasing property taxes with no cap in sight
- Experts believe Illinois will surpass New Jersey as the state with the highest property taxes in the nation by mid-2020
In this article, we will discuss how Companies Leaving Chicago To Indiana Due To High Taxes.
Illinois High Taxes Forcing Companies Leaving Chicago
J.B. Pritzker has not just been raising existing taxes but creating new taxes in the state. The state is broke but the city of Chicago is in worse shape. Countless Companies Leaving Chicago due to high taxes.
- Pritzker recently doubled the state’s gas tax infuriating taxpayers
- Raising taxes is fine and normally works with a combination of cutting spending
- However, this governor does not want to cut spending
- He recently approved wage increases to state lawmakers
- The governor is not marketing nor offering incentives to attract new businesses nor residents
- Pritzker thinks the state has name recognition and will naturally attract businesses and residents to Illinois
The governor has been proven wrong. Countless taxpayers and companies are fleeing Illinois in droves.
Economy Of Chicago
Chicago is the nation’s second-largest city. Chicago is home to many companies and businesses.
- However, many businesses and taxpayers of the city are fleeing to other lower-taxed cities with lower taxes
- Chicago is the highest taxed city in the nation
- The city is facing financial collapse and is on the verge of bankruptcy unless politicians fix the financial crisis
- The city imposes its own city tax on just about everything
- The city pension debt crisis is out of control
- Former Mayor Rahm Emmanuel raises $7 billion in property taxes to balance the city’s pension debt
- However, the pension debt has gotten worse
- Newly elected Mayor Lori Lightfoot seems clueless and lost over the city’s financial mess and is asking the state for help
- The state has its own problems and does not have any solutions to fix the state’s budget deficits except to keep on raising taxes
- Corruption in the city and state is among the nation’s highest
- Without a solid budget plan and cutting spending, taxpayers are due for more property and other tax increases
The financial state of Chicago and Illinois are forcing many companies and taxpayers leaving the city of Chicago and Illinois to other tax-friendly states.
Companies Leaving Chicago To Indiana Due To High Taxes
Midland Metal Products is leaving Chicago to Indiana due to the high taxes in Chicago and Illinois.
- Midland Metal Products has been in Chicago for the past 98 years
- The company decided to pull the trigger to make its move to Hammond, Indiana due to the high taxes in Illinois, especially Chicago
- The mayor of Hammond, Indiana, Thomas McDermott, Jr. and city officials are celebrating Midland Metal Products move to their city
- The company is scheduled to base its business in the former Lear Building in Lake County City
The mayor, city officials, representatives of the company, and taxpayers will attend the public ceremony and the welcoming event.
Why Indiana Is Thriving And Raking In Billions And Illinois On The Verge Of Bankruptcy
Mayor Thomas McDemott, Jr. said the following:
The opening will cultivate a business-friendly atmosphere in Hammond and help to bolster relationships with local businesses. Our economic development team has worked hard over the past 15 years to help businesses, large and small, relocate to Hammond. Midland Metal Products is a great company from Illinois who saw Hammond’s potential and how it could support their growth in the future. Plus, having them move into the former Lear building right away meant there was not a large industrial building sitting vacant in Hammond for long, a perfect indicator that Hammond is doing great.
Chicago and Illinois politicians need to think about how to attract businesses and taxpayers to Illinois. Just raising taxes without cutting spending will backfire on them. You need to operate and run government like a business. It is not how much money you make but rather what you spend. There is no reason why any government entity should be broke. It is mismanagement. We need politicians with basic business knowledge to lead and not big-mouths politicians who talk out of their asses. Both J.B. Pritzker and Lori Lightfoot should reach out to politicians on other states that are raking in billions and growing. Chicago and the state of Illinois are losing businesses and taxpayers in droves. The combination of high and increasing taxes, high property taxes, creating new taxes, corruption, and incompetent politicians is the roadmap for bankruptcy.