Contact: Chris Schrimpf, 608-267-7303
Governor Walker Continues to Urge Illinois Businesses to Consider Escaping to Wisconsin
Madison–The Wall Street Journal reported yesterday that Illinois was on track for an $8 billion shortfall. The Chicago Tribune reported that Governor Quinn is seeking to borrow $8.75 billion and that Illinois’ 67 percent income tax rate increase will not bring in enough money. The Associated Press reported that the state owes $4.5 billion to businesses and organizations that have done work for the state and it owes $1.2 billion for employee health insurance and owes $850 million in tax refunds.
Reuters wrote, “Illinois’ widening structural deficit, huge unfunded pension liability, inability to pay bills on time, cascading bond ratings, and its propensity to borrow its way out of financial problems have made the state a top concern in the $2.9 trillion U.S. municipal bond market.”
In January after Illinois passed its massive tax increase, Governor Walker warned, “Businesses make plans based not just on what’s happening today, but on what they see happening in the future. The contrast between Wisconsin’s trend line and Illinois’ could not be greater. We’re not only lowering taxes, we’re reforming the regulatory and litigation climate; Illinois is heading in the opposite direction.”
In contrast to Illinois, Governor Walker’s budget makes the difficult spending choices to create the lowest structural deficit in Wisconsin’s recorded history and does it while decreasing taxes. Under Governor Walker’s budget the state’s structural deficit shrinks from $2 billion to around $30 million.
Today, Governor Walker reiterates his message from January and encourages Illinois businesses to Escape to Wisconsin.
“Our state will continue to make the hard decisions to create a fiscal environment that encourages job creation,” said Governor Walker. “Job creators coming to Wisconsin can know that our state is Open for Business.”
