Gov. Pat Quinn and the leaders of both houses of the Illinois General Assembly have agreed on raising the state income tax.The state is facing a $15 billion dollar deficit so instead of radically cutting government they are going to raise taxes massively and drive even more of the productive class out of the state. Remember this when the state finally goes bankrupt and goes begging to DC for a bailout.
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.
Friday, January 7, 2011
Illinois politicians want to raise the state income tax 75%
Well this should really work out well: