Three-prong approach to fiscal health
Why are you, Gov. Quinn and the Democratic leadership, focusing on closing the budget gap by proposing tax increases including an increase in the income tax rate on businesses and individuals?
Why are you choosing to perpetuate fiscally poor governance? Why don't you listen to Illinois' coalition of concerned organizations and citizens and make the hard choice to deal with real reform of our state budget and our obsolete public retirement systems?
The Civic Committee of The Commercial Club of Chicago recommends no new taxes without budget cuts, reform of Illinois' pension system, retiree health care reform and cost-sharing, and a realistic plan to balance the state's budget.
Forbes.com reported Dec. 8 a banking firm's ranking of states in which people are leaving faster than they are arriving. Illinois came in No. 2, losing 27,000 people a year for the past five years, which has been and will continue to accelerate due to the state's poor economy and tax structure.
Job losses in manufacturing and industrial machinery are likely pushing people out of the state, such as Caterpillar's decision not to add 300 mining equipment jobs in Aurora but rather expand at the Bucyrus business they are acquiring in South Milwaukee.
As a registered CPA who has primarily worked for or consulted for manufacturing and industrial machinery companies and clients in Illinois, the exodus or liquidation of these companies has now caused me to be underemployed for 22 months. The root cause, in my opinion, is a three-legged stool supported by statewide corruption, unrealistic union demands and poor state fiscal governance.
Please wake up your party and embrace a fiscally responsible strategy by changing the legs on the stool by cutting spending, reducing debt and restricting tax increases to 50 cents for every dollar saved by cutting spending.
Mike Tennis
Sleepy Hollow