Monday, January 24, 2011

Jimmy John to state of Illinois, "I'm outta here!"

Illinois is in big trouble financially. So instead of radically cutting government the state decided to raise the personal income tax and the corporate income tax. As has been pointed out before capital, both financial and human, will move to where it is best treated. Both Maryland and Oregon tried this and found that tax revenues actually decrease because the productive class leaves the state. When the Illinois legislature raised taxes the putz governor Pat Quinn congratulated his fellow thieves on a job well done. When it was pointed out that raising taxes on the productive could mean they would leave Quinn arrogantly responded, ""Lots of luck to them, but that's not going to happen." Well the founder of Jimmy Johns is leaving and here is what he said,

"All they do is stick it to us," Liautaud said, adding that the Illinois Legislature "snuck [the tax increase] through," and that the governor showed "a clear lack of understanding" about a measure that left businesses feeling "pummeled." Jimmy Johns had been looking to expand further in Illinois, but those plans have been suspended while the company is instead being courted by "multiple business-friendly states." Liautaud has already moved his family to Florida, where there is no personal state income tax. "I’m not sophisticated enough, smart enough or politically correct enough to absorb it all," Liautaud said – but apparently he is smart enough to vote with his feet.
This is not just happening at the state level but at the national level. The productive class does not need to stay in the US and be abused with high taxes and stupid government regulations. With modern communications, relatively cheap travel ( I can fly just about anywhere for $1500 or less), and the Internet why do does anyone need to stay here and be used as a milk cow to support a corrupt and failing government. The government ends up collecting less revenue and we all are collectively poorer because of these productive people leaving. Pat Quinn is a typical pandering scumbag politician. He does not care about producers and tax payers. His constituency is the tax feeders infesting the city of Chicago, minorities, government employees, and assorted other special interest groups. All of which are net consumers and not producers of wealth. In Quinns mind taxpayers and the productive exist to pay high taxes that Quinn and his statist cronies get to dispense as political largess in order to get re-elected. I cant wait to experience the sense of schadenfreude that I am going to feel towards the state of Illinois when it goes bankrupt.

1 comment:

Mayberry said...

Atlas Shrugged. The rest of us need to shrug as well.

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