Wisconsin Seeks to Gain From Illinois' Big Tax Hike

As the state of Illinois prepares to hike income taxes by 66% and corporate income taxes by 45%, the neighboring state of Wisconsin is seeing dollar signs. Critics of the tax hike, which awaits final approval by Illinois Gov. Pat Quinn, argue that Illinois will see an exodus of individuals, businesses, and most importantly, jobs to surrounding states with more favorable tax rates -- and that is exactly what Wisconsin's Gov. Scott Walker (pictured right) is hoping for.

Not shy about trying to reap some benefit from the ongoing fiscal struggles in Illinois, Wisconsin's new governor is trying to convince lawmakers to take advantage of the financial troubles of his neighbor to the south by reducing taxes on businesses. Walker has publicly laid out plans to lower the tax burdens on businesses in his state in order to encourage companies seeking refuge from Illinois' tax increase to migrate across state lines.