Tax increases will drive jobs to other states and compound problems
St. Charles, IL - "Illinois has a spending problem, not a revenue problem," says Ron Bullock, owner of Bison Gear & Engineering Corp. and chairman of the Illinois Manufacturers' Association.
Bullock and other Illinois business leaders meet with Governor Patrick Quinn Wednesday afternoon (March 25, 2009) in Springfield in response to the Governor's proposal last week to increase income taxes by 50 percent to close a claimed $11.6 billion budget deficit.
"Before we consider self-inflicting a wound, Illinois must conduct a thorough examination and reduction of the unchecked spending which has produced this deficit," cautions Bullock.
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"In addition, we must consider that significant taxpayer dollars coming back to Illinois as part of the newly enacted federal stimulus funds will help offset the deficit." As a single example, preliminary figures from state education officials indicate the stimulus package could provide up to $3 billion for Illinois schools. The estimated overall $8-11 billion of stimulus funds coming back to Illinois can offset much of the budget shortfall.
As chairman of the largest state manufacturers' association in the U.S., Bullock states, "In these times, we should be making Illinois more attractive as a location for high-paying manufacturing jobs rather than driving them to other states."