Illinois Raises State Income Taxes

Illinois Raises Taxes

Speaking of Obama, the former community organizer's home state is preparing to do its part to drive up unemployment. Illinois Democrat Governor Pat Quinn and the lame-duck Democrat-controlled legislature enacted a 67 percent state income tax hike, which will add an average of $1,400 to a family's tax bill, as well as a 50 percent increase in the corporate tax. The personal income tax rate will move from 3 percent to 5 percent for four years (yes, another "temporary" tax hike), in order to help close a $15 billion budget deficit. Of course, raising taxes rarely raises the revenue its proponents "need."

Illinois has lost 374,000 jobs in the last two years, and taxing businesses won't help that number. In fact, governors Mitch Daniels (R-IN) and Scott Walker (R-WI) took the opportunity to extend invitations for Illinois residents and businesses to relocate to their states. As Daniels said, "We already had an edge on Illinois in terms of the cost of doing business, and this is going to make it significantly wider."

(I am retired, but will now think about moving out of this state...)