03-14-2023, 04:10 PM
I'm down state, across the stream from St. Louis and right next door to Belleville (where the woman mentioned in the article lives). Big businesses are the only businesses that could reasonably be expected to leave the state since medium and small businesses tend to be tied to the local economy. And most big businesses already offer vacation and/or sick leave - so they'll just replace that with PTO, just like the medium and small businesses that offer vacation and/or sick leave. Who this will hurt is the medium and small businesses that don't already offer vacation/sick leave. Those won't have the option of leaving the state, so will have to either pass the costs along to their customers or else go out of business. So, I don't see this particular measure causing business to leave the state.
However, Illinois is and has been very unfriendly to business over recent decades; and it's taking a toll. Six big companies moved their corporate headquarters out of the state in 2022 (Tyson Foods, Citadel, Boeing, Caterpillar, FTX and Highland Ventures). Caterpillar hasn't moved any blue-collar jobs as yet, but they're not expanding in the state (choosing other states instead).
Chicago was the location for most corporate HQs, but it was difficult to recruit executives to live in Chicago, due primarily to crime.
As per AARP, Illinois income tax is a flat 4.5% (which is higher that neighboring Indiana's 3.15%, but lower than Missouri's graduated tax which tops out at 4.95% and hits most workers). Average sales tax rate is 8.82%. The property tax is outrageous at about 2.08% of assessed value - only New Jersey and parts of Connecticut are higher. The median-priced home will have you paying about $5K a year in property taxes.
Illinois may have the nation's worst public pension problem:
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