-By Dan Proft
If Governor Pat Quinn had been CEO of the White Star Line in April of 1912 I suspect his reaction to the Titanic’s sinking would have been to report that he had successfully transported 705 people from England to New York City. Never mind the 1,517 who didn’t make it.
This is Captain Quinn’s approach to stewarding the business climate in Illinois. When major employers begin making noise about leaving, Quinn secures for them a spot on one of the state’s few remaining lifeboats and declares them another satisfied customer.
So Caterpillar is staying in Peoria and Motorola Mobility is staying in Libertyville and undoubtedly enough tax relief will be provided for Sears to remain in Hoffman Estates.
The problem is there’s not enough lifeboats to go around. So the tool and die shop, the Amazon.com affiliate and the more than one million businesses in Illinois with fewer than five employees are left on deck to play “Nearer, My God, to Thee”. Their deaths will go unreported.
While retaining thousands of jobs in Illinois is good news, it begs this question of Captain Quinn, if reducing their corporate tax liability makes sense to keep major employers here, would not a reduction in structural corporate tax rates have a similar positive impact writ large and thus also make sense?
Captain Quinn’s reply to date has been to tell us that his heart will go on and that we’re in this together just like Leo & Kate. He’s right—literally. No one else is coming. From a recently conducted survey of CEOs, ChiefExecutive.net ranked Illinois as the 48th best (or alternatively 3rd worst) state in which to do business.
Like the Titanic, shipwrecked Illinois will claim no more souls because it has no capacity to take on new passengers.
Full steam ahead.
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Dan Proft (dan@danproft.com) writes a weekly commentary for WLS-AM 890′s “Don Wade and Roma Morning Show” and co-hosts a show on WLS Saturdays 12noon-3pm and Sundays 1pm-3pm. Proft is also a Senior Fellow at the Illinois Policy Institute.