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Would You Give Up Your Taxes So Your Company Will Stay In State?

Would You Give Up Your Taxes So Your Company Will Stay In State?

State legislatures have been coming up with more and more ways to try and encourage corporations to stay local.  Many have tried to bring down the amount that unemployment benefits may cost and allow them more leniency in turning down claims, or offered even larger tax cuts, cutting their own much needed revenue to keep the “corporate climate” good.

Now, the state of Illinois is trying a new approach.  They are allowing some large corporations to keep their employees’ state taxes, “skipping the middle man” of being forced to turn the money in just to have the state government go through all of the hassle of creating new tax breaks to return the funds. Via Eschaton, the new rule applies only to the biggest companies if they promise not to move, and as an added incentive, those companies will get to keep even larger portion of those taxes for new hires.

That part of the equation is supposed to promote job growth and hiring.  Assuming, of course, that the companies don’t just lay off other workers to make up the difference.

With so many states already strapped for cash, and using “fee increases” or forcing local governments to raise property taxes and other individual taxes to astronomical heights to make up for even a portion of the loss funding, do businesses really need to be literally taking revenue from the state’s pocket?  It’s a question everyone may need to ask sooner rather than later.  MoveOn.org believes this approach could be coming soon to your state, too.

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144 comments

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9:39AM PDT on Nov 5, 2011

Obama says he supports American jobs... think again

U.S. Bridges, Roads Being Built by Chinese Firms | Video - ABC News

http://abcnews.go.com/WNT/video/us-bridges-roads-built-chinese-firms-14594513?tab=9482930&section=1206853&playlist=14594944

8:06PM PDT on Nov 4, 2011

Stop pandering to these losers and tax them and stop voting for nitwit polititians. I know its hard to see what ones are nitwits but not really they show it daily.

11:17AM PDT on Nov 3, 2011

Oh, that makes a lot of sense! Let's give the corporations another tax break just for staying in town and NOT taking jobs away. What's wrong with this picture?

8:59AM PDT on Nov 2, 2011

Right, I don't care about Cain. He will never get the nomination or never, ever become President of the United States. So it is just another side show from the tea party candidates. Anyway it wasn't just one women who complained, we know of two. There must have been some there there for them to make the settlement payment, and to hush it up with a no tell clause. Makes sense.

3:51PM PDT on Nov 1, 2011

Who cares about Cain, he is washed up anyways. Can't decide what he stands for....I guess he's waiting for his Rethug masters to tell him....

3:33PM PDT on Nov 1, 2011

The point is...it is "he said she said" without any evidence. That being said, Herman Cain has handled this in a way that will bite him on the butt. He's in trouble. However, it is very difficult for any man anywhere to win a sexual harrassment charge because there's no evidence. I feel sorry for men who are wrongly accused by women are are not honorable. On the other hand, there are cases where women are sexually harrassed and they need to bring it out into the open. Back in the 70's and 80's there were many lawsuits claiming sexual harrassment some of them real and some of them bogus. These are the facts...

3:28PM PDT on Nov 1, 2011

The point is...the facts are...that doing business in America has the highest taxes in the world. Know that. It is a fact.

2:56PM PDT on Nov 1, 2011

And of course that money will go wher intended and be accounted for. Yeah, right!

2:53PM PDT on Nov 1, 2011

Thanks for the info. Big corporations are cheaters. I wouldn't trust them to do the right thing. Hell may freeze over first.

1:50PM PDT on Nov 1, 2011

Let's just keep bribing the super rich so they'll stay. They should instead be tried for treason! I say that since the CEO's do the least amount of work, that they should only get minimum wages, instead of millions. Anybody that thinks they are worth that much money is insane!

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