It is almost impossible to fathom, but lawmakers in the state of Illinois have voted to raise the personal income tax rate by a staggering 67 percent!
You read that correctly: 67 percent.
And Illinois has voted to raise its business income tax rate by an almost equally shocking 46 percent.
Not one Republican in the Illinois House nor the Senate voted for the increases. And tellingly, the voting was conducted at the very end of a lame-duck session — just before new lawmakers, who might have blocked the huge increases, were to be sworn in.
Democrats said they had to have more revenue to pull Illinois out of an economic crisis. Yet ironically, lawmakers also approved a plan to borrow billions more dollars.
That sounds all too much like our federal government, which keeps borrowing but won’t cut spending.
Is the entire nation now headed toward “Illinois-style” tax increases?