“Missouri’s performance is closer to Illinois, which has the worst jobless rate by far among the Great Lakes states,” says an editorial (Wall Street Journal, May 7). The reference was to efforts by the Missouri legislature lowering that state’s top income-tax bracket by 9% to 5.5% on incomes over $9,000 while providing new tax breaks for small business owners — an economic engine that hires eight of 10 workers in Missouri. What a contrast to Don Harmon’s recent efforts in Illinois.
Scott Walker, Wisconsin’s governor, has reduced taxes by $2 billion, eliminating the income tax on manufacturers. Indiana lowered its flat tax from 3.4% to 3.2%. Oklahoma and Kansas have lowered their income-tax rates, with Kansas seeking to eliminate its personal income tax altogether.
Per the Bureau of Labor Statistics, the jobless rates of Midwestern States (our competitors) are as follows:
The jobless rate in the U.S. is approximately 6.5%.
In a related story, a trend in commercial office development is turning older office buildings into apartments and other uses such as hotels. While a good reuse of less functional assets, it underscores poor business performance generally. In Cleveland, developers feel they can achieve rents of $22 per square foot for apartments versus $20 for office cubicles. The trend continues here in Illinois. The trend is a direct result of the weak economic climate that is holding back hiring by employers.
Mr. Harmon’s Illinois leadership has dug a deep financial hole for Illinoisans. Thinking creatively with a focus on spending less, paying past due bills, reducing the individual tax burden, and restructuring the corporate tax code to be competitive with our neighboring states, thus attracting and retaining jobs should be Mr. Harmon’s concern. Not grandstanding popular but ruinous ideas.
Brian Lantz
Oak Park