The state of Illinois is pretty much broke. Now they’re trying to deal with the crisis by raising taxes which will probably cause some people to leave the state.
Bankrupt Illinois Slams Citizens with 32% Income Tax Hike, More to Come
As the state of Illinois edges near becoming the first U.S. state to ever be rated junk bond status, the Democrat-controlled legislature of the bankrupt state of Illinois has just voted to slam its citizens with a hefty 32 percent hike in state income taxes.
After a series of delays, as a legislature obviously embarrassed by its own actions dithered, the State House finally approved of the Senate’s override of the governor’s veto with a 71-42 vote, burdening the state with a massive income tax hike. It was a vote that saw ten of the state’s Republican contingent abandon Republican values and join the Democrats in approval.
Thursday’s vote permanently increases the state’s personal income tax rate from 3.75 percent to 4.95 percent. It also raises the burden on businesses, raising the rate from 5.9 percent to seven. It all amounts to a 32 percent hike for the average Illinoisan and a $5 billion tax hike overall.
Why should the people of Illinois be punished for the mistakes of people who are supposed to be leading their state? It hardly seems fair.