Illinois Lawmakers Propose 75 Percent Income Tax Hike

CBS Chicago ^ | January 07, 2011 | CBS Chicago

[RobinMasters]

SPRINGFIELD, Ill. (CBS) – Gov. Pat Quinn and the leaders of both houses of the Illinois General Assembly have agreed on raising the state income tax. 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.

The increase is for four years. After that, the personal income tax would go down to 3.75 percent.

The Democratic leaders in the Illinois General Assembly believe this income tax increase, a corporate tax hike, and a $1-per-pack tax increase on cigarettes would erase the state’s $15 billion budget deficit.

[RobinMasters]

[dragnet2]

The government kingdom at all levels, continues to rob and gang rape the American private sector....

[jimfree]

The Democratic leaders in the Illinois General Assembly believe this income tax increase, a corporate tax hike, and a $1-per-pack tax increase on cigarettes would erase the state’s $15 billion budget deficit.

As would spending cuts.

[dragnet2]

That’s a 75 percent tax increase.

Raise taxes, pay more, government employees are waiting for their lottery style retirements checks.

[massgopguy]

We had a “temporary” income tax increase in MA about 20 years ago.

[mewzilla]

If this passes, I have one word: STAMPEDE!!!

[PubliusMM]

And, if the people of Illinois let this happen without serious and significant spending cuts, they deserve exactly what they get.

[bgill]

That’s ok, their homie Obomie will pay their taxes for them just like he promised with their rent.

[The Antiyuppie]

Well, I left and never looked back. The place is beyond hope now. It’s in a classic positive feedback loop straight to ruin.

BTW, the if you read the comments by the unfortunate remaining citizens who pay taxes there, you will find that they are, uhhh...”pretty upset” about it...good.

[bilhosty]

Thank you Illinois. We can use the jobs in Georgia. If your people come down here to look for jobs please tell them not to vote because we don’t want to lose our jobs either.

[dragnet2]

All those buildings in all those Illinois towns and cities are full of government employees waiting to retire on their fat tax paid government pensions....

Pay more and pay up people!

[proudpapa]

“The increase is for four years. After that, the personal income tax would go down to 3.75 percent.”

Riiiight!

[proudpapa]

“The increase is for four years. After that, the personal income tax would go down to 3.75 percent.”

Riiiight!

[556x45]

I suspect the majority of the electorate believe that. Those who don’t will grow used to having less. See, wasn’t that simple?

[stubernx98]

As happened to Oregon, raise taxes and the revenue goes down.

[hosepipe]

Goody.. 2012 should be a good for republican challengers..
AND increase the roles of the TpCaucus.. even larger..

[Minnesota fox]

I will be interested in the statistics: population decline, factory closings and lost revenue. And then there will be the results that cannot be quantified: pot holes, drop in morale, domestic violence,,, and even more demo politicos shaking a finger in the air crying, “jobs, jobs, jobs...”.

[manic4organic]

Oh sh*t. Close the northern border because here they come to Texas.

[Dr. Sivana]

Thank you Illinois. We can use the jobs in Georgia.

What a coincidence! I live in IL, and I just applied for a position down in John's Creek, GA. If I get it, we's a goin'.