Democrats in the Illinois Legislature on Wednesday approved a 66 percent income-tax increase in a desperate and politically risky effort to end the state’s crippling budget crisis.
The increase now goes to Democratic Gov. Pat Quinn, who supports the plan to temporarily raise the personal tax rate to 5 percent, a two-thirds increase from the current 3 percent rate. Corporate taxes also would climb as part of the effort to close a budget hole that could hit $15 billion this year.
If you read further, you’ll see Illinois Democrats doing what national Democrats have been doing: blaming Republicans. Um, Mr. Madigan (the state’s Democratic House Speaker), your party controls all the levers of power in the Land of Lincoln, that means the buck stops with your guys.
Guess he’s just upset that Republicans voted against the package so that his Democrats have to take the blame.
And with corporate taxes rising, Illinois businesses may consider relocating in other jurisdictions. I hear the new governors of Michigan, Ohio and Wisconsin are working on plans to attract entrepreneurs. Looks like the Illinois way of closing the state’s deficit may be the way forward for job creation in Midwestern states where Republicans rule.