The Conservative Cave
Current Events => Economics => Topic started by: thundley4 on January 09, 2011, 07:25:30 PM
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SPRINGFIELD - Illinois lawmakers headed home for the weekend Friday, and many are expecting an earful about a looming tax increase package designed to plug the state's leaky finances.
"They'll be negative," predicted state Rep. Pat Verschoore about what voters will say about a plan to boost income taxes by 75 percent.
Gov. Pat Quinn and Democratic leaders unveiled a tax hike package Thursday that would boost the state's 3 percent personal income-tax rate to 5.25 percent for four years.
The tentative outline, which is still being tweaked, calls for rolling back the rate to 3.75 percent once Quinn's upcoming term as chief executive comes to an end.
Businesses would see a temporary increase in the corporate rate to 8.4 percent, up from the current 4.8 percent rate, and cigarette taxes would rise by a $1 per pack.
*snip*
State Rep. Mike Bost, R-Murphysboro, worries that bumping the corporate tax rate to 8.4 percent will trigger more companies to move out of Illinois.
"That sucking sound would be all the rest of the jobs leaving the state," Bost said.
"I think it's just one more nail in the coffin on attracting business to the state. People can't afford it," added state Rep. Shane Cultra, R-Onarga.
Link (http://herald-review.com/news/local/article_13f75ddc-1fae-5bce-828a-1b2728f939da.html)
Seems like Illinois wants to follow in the footsteps of other successful democrat run states. More so that they already are.
Who believes that they'll roll back the income taxes?
Illinois also lost revenue from tobacco when the feds raised the taxes last time due to decreased sales, yet they believe they'll make more money with another increase in taxes on tobacco? :mental:
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Good news for Indiana, Iowa, Missouri, and Kentucky. Wisconsin not so much, between moonbats in Madison and old-line union Dems in Milwaukee, it's already a pretty toxic place to do business.