The Illinois legislature today passed, and Governor Quinn is expected to sign, a 66% increase in the individual state income tax - going from 3% to 5%. The corporate rate goes from 5% to 7% - higher than many adjacent states.
This is supposed to help eliminate the financial mess the state is in - it won't because spending is the issue and not revenues.
The state pledges to cut $2 million from new spending. Cut? New spending? How about no spending. How about haldf of the current spending? Cut the governor's salary and the legislators' salaries to $0 - maybe $1 so they'll still get a check. That shows resolve.
Governor Quinn said that this is a temporary measure for 3 years. In Illinois, taxation is never temporary.
I feel for the citizens of Illinois, but they did elect the people that are now taking out their own fiscal irresponsibility on the the electorate.
Look for the state to begin losing businesses. We'll take them here in Florida.
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