Illinois Democrats (I repeat myself) have still not figured out that raising income taxes when no one has money will continue to pummel their already struggling economy. In the wee hours of the morning, the state legislature managed to force through a 67% tax increase with a vote of 30-29. Several Democrats joined a the Republicans in voting against the bill.
Illinois is currently ranked 48th nationally in job creation. They are swimming in debt, and rather than figure out what they can cut, they intend to enact a 17% spending increase over the next four years… which should work out well after they drive the businesses (read: employers) out of their state with the 45% corporate tax hike.
This drive Illinois state income tax up to the 4th highest in the nation, according to State Senator Matt Murphy, who vowed on Twitter to file a fight for repeal by the end of the week.
“You may think your [sic] stabilizing this budget but you’re not,” said Republican Sen. Matt Murphy . “You’re bankrupting our state with this bill.”
Dear Illinois: get better representatives.