NEW YORK (CNNMoney) -- Illinois recently passed a budget that ticked off a lot of business people because it raised taxes on companies and individuals.
You might count Caterpillar CEO Douglas Oberhelman as among the aggrieved.
In a letter to Gov. Pat Quinn, Oberhelman says he wants to talk about how to move the state toward real fiscal reform.
He's also kinda threatening to leave for greener pastures.
"I want to stay here," Oberhelman wrote. "But as the leader of this business, I have to do what's right for Caterpillar when making decisions about where to invest."
Oberhelman wrote that he has received letters from governors all over the country that would welcome Caterpillar with open arms. Their arguments are "compelling," he said.
"I have been called, 'cornered' in meetings and 'wined and dined' -- the heat is on," Oberhelman said.
Presumably, Oberhelman's chief complaint is the tax hikes enacted by Illinois lawmakers in January.
Faced with a daunting $13 billion budget deficit, state legislators opted to raise personal and corporate income taxes. Companies now have to pay a 7% corporate tax rate for the next four years, up from the previous 4.8%. And Illinois businesses are already subject to a 2.5% surcharge.
Along with the corporate tax hike, lawmakers raised the personal income tax rate to 5%, up from 3%.
"The governor welcomes frank and open exchanges between the business community and government, and we are always open to new ideas that can help our businesses grow, innovate and create jobs," Quinn's office said in a statement.
Illinois is not alone in its budget problems. States are facing a collective budget gap in the neighborhood of $40 billion.
But the Illinois budget crisis, which has been decades in the making, is arguably among the worst in the nation. The state's income tax rates had not risen since 1989.
The league announced on Monday that fans will be able to watch official NFL highlights on YouTube. More
Solid economic growth over the next few years should help keep the federal deficit at a very modest level until 2018. But after that, the nation's deficit will start growing again, the Congressional Budget Office said in its latest 10-year outlook. More
Sorry, Alibaba. Internet portal Tencent is the most valuable brand in China. More
On demand delivery startup WunWun is expecting its order volume to double by the time they close up shop on Monday. All thanks to a blizzard. More
Identity thieves are stealing people's Social Security numbers and other key pieces of personal information in order to file a fraudulent tax return and claim a refund, the IRS warned Monday. More