Illinois Lawmakers Propose 75 Percent Income Tax Hike
Posted by iusbvision on January 12, 2011
They never learn.
Census data shows that people are leaving states ran by progressives that have high debt, high taxes and are not right to work states. Texas gained four House seats in Congress. States controlled by progressives lost seats.
Gov. Pat Quinn and the leaders of both houses of the Illinois General Assembly have agreed on raising the state income tax.
If the bill passes, the plan would raise the personal income tax rate from the current 3 percent to 5.25 percent. That’s a 75 percent increase. In real dollars, that would mean if you currently owe $1,000 in taxes, next year you would owe $1,750.
The increase is for four years. After that, the personal income tax would go down to 3.75 percent.
The Democratic leaders in the Illinois General Assembly believe this income tax increase, a corporate tax hike, and a $1-per-pack tax increase on cigarettes would erase the state’s $15 billion budget deficit.
The Daily Caller reports that lawmakers just passed a 66% tax increase.