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I moved to Illinois from California this summer, and just joked with someone over on Facebook that I’m as good at picking states as Larry King is at picking wives. Illinois, as much as a basket-case of a state as California (only with worse weather), just approved a 66 percent increase in the income tax rate and a 46 percent hike in the corporate tax rate.
Heartland’s resident tax experts — Steve Stanek and John Nothdurft — had something to say about this … and it wasn’t pretty.
It’s hard to know what to say after watching this spectacle in Springfield. Not a single Republican voted for these outrageous tax increases, showing the absolute contempt of Democrats toward not just their Republican colleagues but the millions of citizens they represent.
Today Democratic lawmakers in Illinois forfeited the tax code’s lone competitive advantage by raising the income tax to 5 percent – a hike of 67 percent. It is no surprise that Wisconsin Gov. Scott Walker and Indiana Gov. Mitch Daniels have been so vocal in their pleasure about today’s actions.
Read the full statements here (and weep).