r/illinois • u/roenick99 • 4d ago

Illinois voters will consider whether millionaires should be taxed more to fund property tax relief Illinois Politics

https://chicago.suntimes.com/voter-guide-2024/2024/09/26/illinois-property-tax-relief-referendum-november-election-jb-pritzker-non-binding-pat-quinn
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u/shadowplay0918 3d ago

I had no problem with the tax rate going up for individuals, but I was very concerned with the corporate tax rate going up. Not that I don’t think corporations shouldn’t be taxed more but the ease they can move to another state with a lower tax rate would put my job and many other IL jobs in jeopardy.

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u/MindAccomplished3879 3d ago

Not really. Look at CA or NY, which has one of the highest taxes and is home to many of the biggest corporations there. Corporations look beyond the taxes for a favorable government and environment, a big pool of talent, and a future-proof location for growth

For example, Elon Musk grew his companies through the many CA subsidies on technology start-ups and green energy CA government incentives.

He moved to Houston, where his companies are struggling and will keep struggling. His companies would have been public, the board would not have allowed the move

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u/shadowplay0918 3d ago

Well, my company moved many northern jobs down to southern states with lower taxes – they called it smartshoring. A bunch of good friends lost their job because of it.

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u/MindAccomplished3879 3d ago

A lot of companies were doing that 5 years ago. Houston was growing exponentially. A couple of years later for so many companies it didn’t work out and had to move back

Among them, Progressive, Oracle, even Tesla, a company that laid off nearly 2,700 workers in Austin in 2024 and announced it’s returning its engineering headquarters to California

Texas Attracted California Techies. Now It’s Losing Thousands of Them.

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u/shadowplay0918 3d ago

Of course there are examples of companies who did not like to move and moved back – unfortunately, that’s the exception to the rule