WOW!!

[Playinghardball]

State's lawmakers pass 66 percent income tax increase
Ill. governor says move will generate about $6.8 billion annually

Illinois lawmakers have approved a politically risky 66 percent income tax increase in an effort to solve a historic budget crisis.

The bill now goes to Democratic Gov. Pat Quinn, who supports the plan.

..It would temporarily set the personal tax rate at 5 percent, up from 3 percent now. Corporate taxes would climb, too.

Quinn's office says the tax increase would generate about $6.8 billion annually, helping close a budget hole that could hit $15 billion this year.

More at: http://www.msnbc.msn.com/id/41034406/?gt1=43001

[tabatha]

1. It is still lower than CA.

[Arctic Dave]

2. 5% Thats cheap.

[Drale]

3. The 5% it will be raised to

is still lower than alot of the country. Also I believe that the bill says that in 2 or 3 years, I think, the tax rate goes back down.

[HereSince1628]

5. It;s hard to judge total tax burdern from only one tax

As I understand it, Illinois has taxes on things in addition to income.

[kestrel91316]

4. Wow, indeed. A personal tax rate of 5% is SOOOO steep.

FAIL.

[PBS Poll-435]

9. Especially when you get to write it off on your Federal 1040

(When you itemize)

[gatorboy]

6. ZOOM!!

Hey! This is fun!

[W_HAMILTON]

7. Paying two cents on every dollar earned to cut a deficit in half?

Good for Illinois. More states should be following their lead. If you aren't willing to sacrifice that little to get your state back on track, you have no right to ever bitch about deficits.

PS - shame on those in the media not giving the actual tax percentage numbers. They've all been saying a "66 percent" increase, which is misleading to say the least.

[PBS Poll-435]

8. ZOT!

:rofl:

[Fuzz]

10. I love how it's called 66%. Sounds much more sinister than from 3% to 5%

Stuart Varney was on Fox also saying 66% and it was done in the 'dead of night' when 'no one was looking'.

[PBS Poll-435]

11. Stuart Varney is such a creep

Not to subthread hijack, but seriously...

[aikoaiko]

12. I was hoping for a J-Woww thread.

:)