Caterpillar's Alarm Bell For Illinois

The CEO of Caterpillar (earth moving, tractors, BIG yellow trucks!) has told Illinois Governor Quinn that he is considering moving out of Illinois.  This after Illinois has raised state corporate income tax by 49%, from 7.3% to 10.9%.  Illinois now has the highest corporate income tax in the entire world!   And what is the Governor's response? ...... aw, don't worry, they wouldn't do that.

"Caterpillar, of course, is lucky. It can move. Unfortunately, small towns that rely on business with Caterpillar workers will go under. So will many small businesses that aren't able to move after such tax hikes.

If Quinn doesn't think Caterpillar has given him reason to panic, he'd better think again. By his indifference, he'll learn the bitter lesson of how fast a state can become just like Detroit."

[IBD]