Citizens Of Illinois Get Slapped With Staggering 33% Income Tax Hike To Fill Deficit

Citizens Of Illinois Get Slapped With Staggering 33% Income Tax Hike To Fill Deficit


Joe Weisenthal
Business Insider
March 11, 2010

Say a prayer for the citizens of Illinois this evening.

Chicago Tribune:

Gov. Pat Quinn today called for a 33 percent increase in the state income tax rate to raise money for education and ease deep cuts he’s proposed in his new budget plan.

In his short budget speech to the House and Senate, Quinn argued that an income tax “surcharge” would be enough to restore Illinois’ education budget to current levels and allow the state to get caught up on some of the millions owed to public schools, community colleges and four-year universities.

Quinn wants to increase the personal income tax rate from 3 percent to 4 percent — a 33 percent increase — with the corporate tax rate rising from 4.8 percent to 5.8 percent. The tax hike would bring in $2.8 billion a year.