Bankrupt Illinois just body-slammed citizens as legislature approved whopping 32 PERCENT hike in income taxes, but it won’t stop the fiscal COLLAPSE
by: JD Heyes
NaturalNews.com
Sunday, July 09, 2017
They say desperate times call for desperate measures, but oftentimes being desperate leads to incredibly bad decisions.
And the Democrat-controlled Illinois Legislature just made one.
On Thursday the legislature finally passed a budget — its first since 2015 — by overriding Republican Gov. Bruce Rauner’s veto. The governor’s big hang-up with it? The budget proposal contained a massive 32 percent income tax hike that rational economists and tax experts understand will only worsen the state’s dire economic position in the coming years.
On a vote of 71-42, 10 of the state’s Republicans joined with Democrats to pass the new tax increase, which permanently boosts the rate from 3.75 percent to 4.95 percent. In addition, the budget also raises the tax burden on businesses, hiking the rate from 5.9 percent to 7 percent, Breitbart News reported.
On average, the rate hikes amount to 32 percent for Illinois residents and a $5 billion hike in taxes overall.
That is, if the state ends up collecting that much.
Breitbart News noted further:
The new tax hike is all the more galling because Illinois already has the highest property taxes in the nation, a fact that often forces retirees out of their homes to flee to other states. This is also a situation not lost on the state’s black American population, either. Illinois is witnessing a growing number of its African-American citizens moving out of the state, with Chicago and Cook County residents leaving at the fastest rate.
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