Jimmy John’s Leaving Illinois, Florida Bound
September 28, 2012 § Leave a comment
Jimmy John Liautaud is moving part of the sandwich chain that bears his name to Florida next year, making good on a threat issued in 2011 after Illinois hiked its corporate tax rate.
The founder of Jimmy John’s Gourmet Sandwiches said during a Sept. 18 panel discussion in Chicago that he will relocate the company’s licensing division to Florida, where he plans to move in early 2013. Mr. Liautaud said in January 2011 that he applied for residency in Florida out of anger when Gov. Pat Quinn raised the corporate tax rate to 5 percent from 3 percent.
Ya see!! This is what happens when you raise taxes. It’s called the Laffer Curve and it’s a real phenomenon. Illinois is in the down portion of the curve where when you raise taxes you get less income. Can someone explain that to Gov. Quinn, Michael Madigan, John Cullerton, Rahm, and the rest of The Machine?
Raising taxes — especially on “the rich” — only shifts the actual tax burden further down into the middle class.
What we need is a wholesale rewrite of the tax code. But that’s a much, much longer post.