PrintFebruary 5, 2011
Obama's Home State and City Falling Fast
A historic blizzard paralyzed Chicago this past week, as snowfall levels pushed upwards of two feet and more in the Windy City. That same storm also caused extensive damage and problems across nearly the entire State of Illinois, crippling much of the state, including Chicago. It was fitting, perhaps, as the Land of Lincoln and its largest city had already sustained an enormous amount of economic and financial damage before the storm, and political issues have transformed this once-proud state and city into a shell of what they once were. While the snow and ice will melt soon, the problems that Chicago and Illinois face seem to be increasing by the day.There is plenty of grumbling among the business leaders and citizens of this midwestern state. It's no wonder, as Illinois recently enacted a 30% increase in the state corporate tax from 7.3% to 9.5% and a 66% jump in the income tax rate from 3% to 5%. Any way you slice it, those are massive increases...(Read Full Article)
