Mt. Vernon Register-News

Opinion

December 18, 2013

Starting a business is tough

(Continued)

Illinois also has the fourth-highest minimum wage in the nation.

Illinois’ corporate tax rates ranks, you guessed it, the fourth highest in the nation.

Given these numbers, it’s little wonder that Illinois has the 11th-lowest rate of entrepreneurship in the U.S., according to the Kauffman Entrepreneurial Index.

And small businesses are the major job generators in the economy.

According to the U.S. Small Business Administration, small firms employ just more than half of the private sector workforce and created nearly two-thirds of the nation’s net new jobs over the past 15 years.

Please keep in mind, every big company started out small.

Not all that long ago, Apple was an idea of Steve Jobs, who was running the business out of his home’s garage. The same could be said of Amazon, which not that long ago was just a fledgling startup in Seattle.

Small firms are the ones most hurt by the Prairie State’s backward approach to taxes and regulation.

There seems to be a mindset among Illinois lawmakers that business is a bottomless pit from which they can continue to extract money.

According to a 2013 Bradley University/University of Tennessee study, 25 percent of small businesses fail in their first year, and 73 percent go under within a decade.

Those are pretty daunting odds.

Not surprisingly, entrepreneurs look for places to start a business where they are most likely to succeed.

And increasingly they are concluding Illinois is not one of those places.

But the secret to turning things around is pretty straightforward: lower taxes and fewer regulations for all businesses and individuals – not just the politically favored.

With that, more people will be willing to take a chance on Illinois.

Scott Reeder is a veteran statehouse reporter and the journalist in residence at the Illinois Policy Institute. He can be reached at sreeder@illinoispolicy.org.

Text Only
Opinion
  • City wastes money Editor:In the paper Wednesday it was reported that someone with the City Of Mount Vernon had responded to the concerns of about 40 people that came out in support of the Henningers on 42nd St.The statement in part was; as stewards of the tax-payer’s

    August 22, 2014

  • The right presidential reaction As the tumultuous situation in Ferguson, Mo., entered its second week, President Obama stood before the nation and offered a mild, balanced plea. There is “no excuse” for excessive use of deadly force by police, he observed at a Monday news conferenc

    August 22, 2014

  • HIGHWAY TO THE DANGER ZONE Remember MacGyver? He was the fictional secret agent of 1980s television who would get out of world-threatening jams using only duct tape and a Swiss Army knife. Listening to Pope Francis in Korea the other day, I had some flashbacks to the prime-ti

    August 22, 2014

  • Keeping up with the Comcast call-center fiasco I’ve been intending for a while to write about the Comcast call-center fiasco, but it’s hard to keep up: the story just gets weirder and weirder. Following the now-viral recording of the telephone call in which a customer service representative essen

    August 21, 2014

  • System needed for choosing House In the original conception of our Constitution, the House of Representatives was to be the branch of government that best reflected the will of the people. House members cannot serve without being elected — vacancies are not filled by appointees — an

    August 21, 2014

  • Dems plead for more money I’ve been getting a lot of email from Democratic fundraisers lately. They seem very worried about November’s elections.First came the highly publicized “Impeachment Red Alert” campaign, in which the Democratic congressional committee warned that Repu

    August 21, 2014

  • Why Obama shouldn't go to Ferguson On Monday, ABC’s Ann Compton asked President Barack Obama whether he would visit Ferguson, Missouri, amid the continued unrest. Obama didn’t give a firm answer, but he did suggest it’s probably not a good idea.“When they’re conducting an investigatio

    August 20, 2014

  • Food stamps' $80B secret spending program Imagine a government program that has exploded in size, is the subject of bitter partisan haggling and spends almost $80 billion a year in secret.No, not the National Security Agency, the Central Intelligence Agency or the Department of Homeland Secu

    August 20, 2014

  • Vouchers provide greater choice I was chatting the other day with a fellow who, along with his wife, homeschool his children. We joked about the stereotype: Moms in denim skirts.But then he expounded on the benefits his youngsters have derived from being taught at home: a customize

    August 20, 2014

  • A rare experience Alexandra Petri’s editorial, “What exactly are we seeing in Ferguson” is well written and did something which has increasingly become a rare experience for me. Her article caused me to think!Petri makes the case for media coverage of American events,

    August 19, 2014

Twitter Updates
Facebook
Stocks