More Illinois math

http://www.taxadmin.org/fta/rate/corp_inc.pdf
http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=244
http://www.taxfoundation.org/research/show/23034.html
Please reference the sites listed above before reading the following, which was excerpted from a press release.
       Illinois House Republicans introduced a major policy initiative last week to accelerate the repeal of the corporate income tax increase approved last January. According to the Illinois Policy Institute, since the $7 billion tax hike in January, 70,000 more Illinoisans have found themselves on the unemployment rolls. The proposed legislation takes a two-pronged approach to reducing Illinois’ business taxes:
1. Accelerates the expiration of the temporary corporate income tax increase. For income earned during calendar 2013, the rate declines from 7% to 6%, and for income earned during calendar 2014, the rate would further decline to 4.8%.
2. Effective immediately, the corporate income tax would be reduced by 0.25% anytime the Illinois unemployment rate increases by .3% in a four month span. For example, if the unemployment rate in January was 10% and in April it was 10.3% then this provision would take effect. At no point would the corporate income tax be less than 4.8% (the tax before Public Act 96-1496)
       Did you catch that? The tax rate in Illinois, for businesses is a flat 9.5%. Somehow the Illinois House believes it to be 7%. More Illinois math. maybe that is the rate over and above the base rate we all pay? Let's check.
http://tax.illinois.gov/Businesses/TaxInformation/Income/individual.htm
        Nope, that looks like 5% to me. So Where they get their information from is a mystery. So how do we compare? Well Iowa, is higher for some businesses. They increase the tax rate for higher income brackets. "Tax Rate: 6% on first $25,000; 8% on next $75,000; 10% on next $150,000; 12% on all over $250,000" (http://www.iowa.gov/tax/taxlaw/taxtypes.html#corp) So If your business is earning $150,000 or more you are paying more than Illinois. Pennsylvania and Minnesota are higher, but have much lower costs of doing business, and lower state taxes overall, as does Iowa. That makes Illinois the highest overall tax rate by any count. Even if we are 4th in simple income tax. California and New York are both lower. Why is it we can only lead when it comes to corruption, overtaxing, and unconstitutional gun laws?
       Even the 1% reduction that is proposed would still place us in the top ten for income tax alone. Couple that with an oppressively union run business climate and the state tax rate in general and you still would list Illinois as the least favorable business climate in the country. And that is before factoring in the corruption. (How could you quantify that anyway?)
        So how do the states around us compare, besides Iowa? Indiana is 8.5%. Wisconsin is 7.9%. Missouri is 6.25%, Michigan (only water separates, count it) is 4.95%, and rounding out the states we border, Kentucky is a floating 4-6%. Notice any trend there? All lower than Illinois. Very good. So business would not even have to move far to remove a substantial tax burden.
       The second phase of the plan suggested is to adjust the tax rate down 0.25%, approximately 1/8 pittance, if the unemployment rate is .3 higher in any four month period. So we will attempt to fix our tax burden AFTER businesses have either laid people off, fired them, or fled for greener pastures. So we will fix unemployment retroactively?
       How do retail giants sell product so cheap, but still make more money than small business. They leverage their size to buy lower and sell lower, but at a much greater volume. In short, Illinois could lower the tax rate, thus ATTRACTING business, then collect more in taxes, at a lower rate, from MANY MORE COMPANIES. More companies mean employing more people by the way, so that would fix statewide unemployment numbers.
       Let's not forget that earlier this year the Governors of New Jersey and Indiana were running commercials on WGN to advertise the lower tax rates that their states presented. Yes it has gotten that bad here that the other states are circling our, soon to be corpse, like vultures. Let's get out and vote some of these fools out this time huh?