Mish’s Global Economic Trend Analysis –
Illinois “Progressives” (a single word to describe “economically illiterate public union sympathizers”) want to pick your pocket once again. The Progressives want to hike the Illinois 2015 top tax rate from 3.75% to a whopping 9%.
Moreover the income tax rate will go up on a sliding scale for everyone making over $18,000.
Recall that On the campaign trail in 2010, Gov. Pat Quinn told voters he’d veto any income tax hike that would raise Illinois’ rate over 4 percent.
That was one of the quickest disclosed tax lies in history. Here are a few snips from my January 13, 2011 post Business Owners Blast IL Tax Hikes;Quinn’s Blatant Lies;Neighboring States Gleeful, Mayor Daley Whines;Escape to Wisconsin; Arrogance,Greed,Corruption
Tax insanity in Illinois is now official. Governor Pat Quinn signed off on a 67% hike in personal income taxes and a 46% hike in corporate taxes the moment the bill hit his desk.
The personal income tax rate immediately rises to 5 percent, up from 3 percent. The corporate income tax rate rises immediately to 7 percent, up from 4.8 percent. The Chicago Tribune reports Quinn, House Speaker Michael Madigan and Senate President John Cullerton — all Chicago Democrats — muscled the tax hike through in the eleventh hour of the lame-duck legislature. Only Democrats voted for the bills.
That tax hike was supposed to permanently fix the Illinois budget. It did nothing of the kind.
On August 31, 2011, I noted Illinois Loses Most Jobs in Nation Following Tax Hikes.
Also recall that Instead of acting to help cities, Governor Quinn strengthened prevailing wage laws several times (see my March 27, 2011 article Poisonous Illinois; Caterpillar CEO Threatens to Leave Illinois over Taxes; Illinois Attorney General Wins Dubious Honor “Prevailing Wage Award”).
Illinois Overtakes California for Second Highest Unemployment Rate in Nation
With the above backdrop, no one should have been surprised by my September 25, 2013 report Unhappy Anniversary: Illinois Overtakes California for Second Highest Unemployment Rate in Nation