Bankrupt Illinois Slams Citizens with 32% Income Tax Hike, More to Come
The Illinois State Capitol in Springfield, Ill., shown Wednesday, June 21, 2006, measures 361 feet to the top of its familiar dome. The neck-bending skyscrapers that pack Chicago’s fabled skyline are little more than scaled-down miniatures in downstate cities, where even the tallest buildings are at least three times shorter than the Sears Tower and John Hancock Center. (AP Photo/Seth Perlman)
AP Photo/Seth Perlman
by Warner Todd Huston6 Jul 2017Springfield, IL3,234
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.