A backroom deal brokered by Democrats has set in motion a tax increase vote tomorrow in Springfield. They plan to increase your income tax by 75% and the corporate tax by 75%. You read that right, they will nearly double your income tax and nearly double the tax rate on businesses in Illinois.
From Crain’s Chicago Business:
Springfield sources are confirming that Democratic legislative leaders and Gov. Pat Quinn have struck a deal to almost double the state income tax, boosting the individual levy from 3% now to 5.25% and hiking the corporate rate to 8.4% — the highest of any state in the union.
In addition, the cigarette tax would rise $1 a pack.
Spokesmen for Senate President John Cullerton and House Speaker Mike Madigan declined to confirm a deal. But individual lawmakers said they have been briefed on its details, and told to expect to vote on it as soon as Friday. […] READ MORE
You might think, “surely they will cut spending”. You’d be wrong. They plan to actually INCREASE spending with this plan and borrow another $14 billion on top of it. This is tax, borrow and spend at it’s absolute worst. The only ones who will make it under this plan are residents of Indiana, Wisconsin, Iowa, Kentucky and Missouri because companies have said they will leave this state with this kind of tax increase and take the jobs with them.
Now is the final opportunity to stop this crushing tax increase that will suffocate our state’s economy. Call your State Representative and let them know you cannot afford this radical tax increase. You can find your state rep’s contact information here.
The vote on this tax increase will likely be tomorrow, now is the last opportunity to push back.