Illinois Democrats raise income tax 67%, business taxes 46% to protect union pensions, benefits

by The blogprof

Illinois Democrats raise income tax 67%, business taxes 46% to protect union pensions, benefits: "The unions got what they wanted:

Want to know what liberal hegemonic domination looks like at the state level? Welcome to California, New York and Illinois, the triplets of dysfunction in our union. All three states are dogged by ginormous budget deficits due to overpromising to their union constituency and following that up with overspending. Now the liberal ruling class in Illinois is putting the boom down on the taxpayers. From the NYT via memeorandum: Illinois Legislators Approve 66% Tax Increase

Hours after Illinois lawmakers chose a major tax rate increase to ease this state’s desperate budget crisis, questions lingered on Wednesday: Would new income and corporate tax rates stunt the growth of businesses and jobs here and, in turn, slow the already stalled revenue picture that has struck so many states? Would the state’s tax package, which is expected to raise about $6.8 billion annually, be enough to solve the state’s crisis, which includes a vastly underfinanced pension plan?

Patrick J. Quinn, the governor of Illinois and a Democrat, praised the decision of state lawmakers — in the wee hours of the morning on Wednesday — to raise the individual income tax rate by about 66 percent as a necessity to avert the state’s “fiscal emergency,” which includes a budget deficit of more than $13 billion, about $8 billion in unpaid bills to social service agencies, pharmacies and others, and a sinking bond rating.

“Our state was careening towards bankruptcy and fiscal insolvency,” Mr. Quinn told reporters, after indicating that he intended to sign the tax increase.

You won't be surprised that the huge tax increase was passed by a LAME DUCK Illinois Congress. Look for the tax increase to make things worse, not better, in Illinois. And get a load of this: Quinn congratulates Democrats on income tax increase. Party time! Other states are happy with Illinois and their suicide attempt: Higher Taxes Causing Fighting Illinois to Flee.

UPDATE: To the liberal, unsustainable pension benefits are a matter of life and death: MSNBC’s Brewer: People Are Taking Their Own Lives When Pensions Fail

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