IL: Why lawmakers passed 66 percent income tax hike

posted by
January 12, 2011
Christian Science Monitor    
Posted in PND News

"The Illinois legislature has passed personal income-tax increases of 66 percent and corporate income-tax in creases of 45 percent, designed to address a $15 billion state budget deficit that lawmakers said was leading the state into insolvency. By the early hours of Wednesday, Senate and House lawmakers had voted to raise the personal income tax rate from 3 percent to 5 percent and the corporate tax rate from 4.8 percent to 7 percent. Both rates were adjusted to carry through until 2015, when they would drop to 3.25 percent and 5.25 percent, respectively. The Illinois tax increase, which is waiting to be signed into law by Gov. Pat Quinn (D), who supports the package, would take effect retroactively Jan. 1. The package was passed without a single Republican vote in either chamber." (01/12/11)

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