Lessons From Obama's Home State

Back in the 1980s, tourism officials in Illinois coined the phrase, "Illinois, you put me in a happy state," as the sales pitch to would-be visitors to the Land of Lincoln.  Three decades later, President Obama's home state is far from a happy state.  What's happening in Illinois is a reminder of how destructive tax policy and bloated government can be on a people. The state of Illinois increased its corporate tax rate to 7.0% from 4.8% in January 2011.  That's a 45% increase in the overall corporate rate.  Since that time, a number of companies, including industrial juggernauts such as Caterpillar* have threatened to move their corporate headquarters out of state.  In fact, Caterpillar made it clear to Illinois officials that it chose to build its newest manufacturing plant outside of Illinois due to the "business climate and overall fiscal health" of the state.  That plant would have added about 1,000 jobs to the state. Other smaller businesses have...(Read Full Article)