Your Survival Guy

Preparing your investments and family for when disaster strikes.

Disclosure

  • Home
  • Your Survival
    • Special Report: FOOD SHORTAGE: Crazed Hoarding Is Not Preparing
    • Your Survival Guy’s Super States
    • Constitutional Carry
    • EMP Threat
    • Tucker Explains
    • Newport Gas Outage
    • Water
      • Emergency Water Storage
      • Let There Be Water
    • Get Your Gun and Your Training Now
    • Satellite Phones
    • Navy SEAL Survival Kit
  • Your Money
    • Coronavirus Infects Stock Market
    • Looking for a Better America
    • You Invest, They Win
    • Where to Keep Your Cash
    • Paris
    • How to Buy a Boat
    • Dead or Alive? The Future of Long-Term Investing
    • Is Vanguard too Big?
    • Cryptocosm and Life After Google
    • The Last Intelligence Report
    • The Truth Behind the S&P 500
    • RAGE Gauge
    • How Many “Retirees” Will Keep Working?
    • Your Retirement Life
    • You’ll Love This if You’re Dreaming of an Active Retirement Life
  • Weapons
    • Self Defense
    • Every Family Should Own at Least One Shotgun: Here Are Three
  • About Me
    • Your Survival Guy: “Life on Main Street Hasn’t Been This Hard in a While”
    • Preparing for Times Like These
    • My Videos/Pics
    • Music
      • RIP Neil Peart: You Will Always Be Remembered as a “Modern-Day Warrior”
    • Your Survival Guy: Make Your Bed and The Hero Code
  • You
    • Our Cabin on Kodiak, Alaska
    • If You Are in Pain, this May Help. It Helped Me.
    • How to Save for a Grandchild
    • FIRE! Financial Independence, Retire Early
    • Compound Interest
    • Arithmetic of Portfolio Losses
    • Maximum Portfolio Withdrawal Rate
    • An Efficient Frontier
    • Retirement Compounders
    • Counterbalanced Total Returns
  • Survive & Thrive
    • January 2023: Stacking Wood and Compounding Money
    • December 2022: Your Survival Guy Prefers Bombardier’s Global Express 7500
    • November 2022: Arriving in Style at Le Bristol Hotel, Paris
    • October 2022: Sink Your Teeth into These Bond Yields
    • September 2022: Do You Have the 7 Habits of Highly Effective People?
    • August 2022: “Watch This Boat off Our Stern,” My Dad Said “He’s Coming in HOT”
    • July 2022: MONEY TALKS: Your Survival Guy’s Best Service in Paris
    • June 2022: “I’ve Been with Richard Young for Over 30 Years Now”
    • May 2022: Survive “If You Fail to Plan, You Plan to Fail”
    • April 2022: Dream On! Fishing the Double Down in Key West
    • March 2022: Your Survival Guy Hears the Craziest Investing Stories
    • February 2022: Your Survival Guy’s 2022 Super States
    • January 2022: The Least Affordable Housing Market in the U.S.
    • December 2021: Listen Your Survival Guy is not “Mr. Peanut”
    • November 2021: Joe Biden is Weaponizing Your 401(k) Against You
    • October 2021: Time to Get Your Lazy Cash Off the Couch
    • September 2021: What’s Your Survival Guy Investing in Right Now?
    • August 2021: To Where Will You Flee?
    • July 2021: This Bubble’s Popped Baby
    • June 2021: Your Survival Guy’s Summer Job, Inflation & You
    • May 2021: You’re Telling Me Friends Ask You This Question
    • April 2021: Is There One Best Place in America for ‘Liberty Retirees?’
    • March 2021: America’s Growth Corridors
    • February 2021: Troops in D.C. & Your Authoritarian Virtual Panopticon
    • January 2021: Are You Ready for The Great Reset?
    • December 2020: Disaster Prep in Our Newport Bunker and Your Survival
    • November 2020: Election 2020 Edition: Stock Market is Predicting a Trump Win
    • October 2020: You Invest They Win, AGAIN
    • September 2020: Proud to be an American: Pro-Trump Parade Turns Rhode Island Red
    • August 2020: The Clock is Ticking: You Must Protect Your Family
    • July 2020: What Will Her Life Be Like Now?
    • June 2020: Your Survival Guy’s Home (and Money) Protection Plan
    • May 2020: Future Look at Covid-20, or the Next Deadly Virus
    • April 2020: Only Trump Saw the Risk in America’s Relationship with China
    • March 2020: Coronavirus Infects Stock Market
    • February 2020: Escape the City: Live Small, Cheap, and Safe in America
    • January 2020: Is Your Cash Safe? Probably not This Safe
    • December 2019
    • November 2019
    • October 2019
    • September 2019
    • August 2019
    • July 2019
    • June 2019
    • May 2019
    • April 2019
    • March 2019
    • February 2019
    • January 2019
    • December 2018
    • November 2018
    • October 2018
    • September 2018
    • August 2018
    • July 2018
    • June 2018
    • May 2018
    • April 2018
    • March 2018
    • February 2018
    • Welcome

Can One Man Smash the Business Roadblocks in Teetering Illinois?

January 12, 2017 By E.J. Smith - Your Survival Guy

With the recent passage of a Right to Work law in Kentucky, Illinois is nearly surrounded by states with such laws. Only Missouri, far away from Chicago, the industrial heart of Illinois, remains a union state. With at least five Right to Work bills working their way through the Missouri legislature and headed toward the state’s newly elected Republican governor, it’s likely that soon Illinois will be an anti-business island in a sea of pro-business states. Additionally, three of Illinois’ neighboring states have lower corporate income tax rates. Today Illinois demands 7.75% from its corporations, while Indiana (6.5%), Kentucky (6%) and Missouri (6.25%) ask for less.

citmap

Such a disparity in the business climate has created what might become a bipartisan push in Illinois to create a better business climate in the state. While passing a Right to Work law is probably impossible, Illinois House Speaker Michael Madigan (D), has proposed “aggressive economic reforms.” Madigan even went so far as to suggest cutting the corporate tax rate by 50%. Working with Republican governor Bruce Rauner on such a proposal could produce a positive, bipartisan outcome in a state that desperately needs it. The Wall Street Journal reports further:

One way to do that, he suggested, is by “cutting the corporate income tax by at least 50 percent. This would allow businesses to spend more of their resources on creating jobs and improving our economy.” Knock us over with a feather. As recently as 2011 Illinois Democrats insisted on raising the state corporate income tax by 46% to a top rate of 7%. The rate fell back to 5.25% in 2015 but Democrats had been holding out for another tax increase. They lost their veto-proof majority in the House in November, however, and Mr. Madigan may now believe that simply blocking Mr. Rauner’s agenda isn’t enough.

Nearby Kentucky passed a right-to-work law last week and Missouri is expected to take up similar legislation in coming weeks. Mr. Madigan is surely mindful that this would leave Illinois, a non-right-to-work state, as an island with undesirable labor laws surrounded by states including Michigan, Indiana and Wisconsin that provide more worker choice and business flexibility.

The help can’t come soon enough. Illinois and the City of Chicago continue to drown in public pension debt and relatively slow growth. In an act of desperation, Chicago Mayor Rahm Emanuel asked Moody’s in a December letter released this week to withdraw its rating of the city’s debt that has fallen to junk status. Maybe Mr. Madigan can help.

Read more here.

 

The following two tabs change content below.
  • Bio
  • Latest Posts
My Twitter profileMy Facebook profileMy Instagram profile

E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.
My Twitter profileMy Facebook profileMy Instagram profile

Latest posts by E.J. Smith - Your Survival Guy (see all)

  • CATO: Global Freedom Is in Sharp Decline - January 27, 2023
  • TIME FOR A GONDOLA? Little Cottonwood Canyon Jammed with Traffic - January 27, 2023
  • Biden Administration Destroying Retiree Fiduciary Protections - January 27, 2023
  • 4 Life Changing Words for Your Survival Guy: “You Should Try This” - January 26, 2023
  • Anti-Carbon Crusaders in Davos Talk ESG and OPM - January 25, 2023

If you enjoyed this post, email it to a friend:

  • Email
  • Print
  • Facebook
  • LinkedIn
  • Twitter
  • WhatsApp

Related Posts

Money 101

Trending

  • 4 Life Changing Words for Your Survival Guy: “You Should Try This”
  • Invest with Peace of Mind and Comfort
  • LOSING POWER: Your Survival Guy's Nightmare Scenario
  • The Importance of a Balanced Portfolio
  • Stocks Go Up and Down: Get Paid Along the Way
  • Welcome to Hotel California, Where You Can Never Leave
  • The World Economic Forum's Record of Destruction
  • Your Survival Guy's 2022 Super States
  • Don't Let Your Lazy Cash Eat all Your Food
  • America's Super States and Stocks that Respect YOU

Must Reads

  • Bad Guy with a Gun STOPPED by Good Woman with a Gun
  • The Masters of the Universe Align Themselves with CHINA Using YOUR Money?
  • Slow and Steady Wins the Race: Most People Can’t Handle Making Money This Way
  • GET PAID: How To Invest in Biden’s Inflationary Market
  • GAME ON! Lessons from Street Hockey on Baker Lane
  • Get Out the Map, Make a Plan, and MAKE IT HAPPEN
  • BIDEN-FLATION: Here’s Why Prices Are Up At Your Favorite Restaurant
  • Your Survival Guy: Emerging Food and Energy Crisis
  • Your Survival Guy at Fidelity and Your RMD Compliance
  • Americans Fleeing High Tax States for Growth Corridors
Only if You’re Serious
Crazed Hoarding Is not Preparing
How to Save Rainwater Effectively
Your Survival Guy in Paris
Your Survival Guy's Fishing Stories
Financial Independence, Retire Early
Money 101
Pandemic Creates Virtual Panopticon
Emergency Water Storage
Find Freedom in America
Second Amendment
How Can You Save Money for Your Grandchild
Great Reset
See Who's Missing the Boat
Richard  Young Reports
How You Can Save Money for Your Grandchild
Why Fidelity is Number One
The Best States for Survival
You Invest, They Win
Escape the City
Why Vanguard is Too Big for YOU
Island Life

Copyright © 2023 | Terms & Conditions

loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.