Tweet
Unemployment @ 9.2%
$15 BILLION in debt.
Solution? Cut spending? Nope. A 75% tax increaseon personal income and businesses!
Other article:
<-- chuckles at "temporary"
$15 BILLION in debt.
Solution? Cut spending? Nope. A 75% tax increaseon personal income and businesses!
SPRINGFIELD, Ill. —
The wheeling and dealing continues in Springfield over a plan to raise illinois income taxes.
The proposal would raise the rate 75 percent to help balance the state's multi-billion-dollar budget deficit.
The Income taxe rate would temporarily be increased to 5.25 percent. That would be in effect over four years. The rate would then drop to 3.75 percent.
The tax package also includes a one dollar a pack hike in the state cigarette tax.
According to the U.S. Census Bureau, the average household income in Illinois in 2008 was about $56,000.
Currently, that household would pay about $1,600 in income tax.
The proposed increase would make it about $2,800.
The bill also includes an increase in education funding and a tax credit for homeowners.
Senate President John Cullerton tells WGN-TV the state is nearly $15 billion in debt, and paying down those bills is not only fiscally responsible, it will put money back into the economy.
State Senator James Meeks (D) Chicago, says he his happy that property tax relief and more funding for schools are also part of the tax plan.
The wheeling and dealing continues in Springfield over a plan to raise illinois income taxes.
The proposal would raise the rate 75 percent to help balance the state's multi-billion-dollar budget deficit.
The Income taxe rate would temporarily be increased to 5.25 percent. That would be in effect over four years. The rate would then drop to 3.75 percent.
The tax package also includes a one dollar a pack hike in the state cigarette tax.
According to the U.S. Census Bureau, the average household income in Illinois in 2008 was about $56,000.
Currently, that household would pay about $1,600 in income tax.
The proposed increase would make it about $2,800.
The bill also includes an increase in education funding and a tax credit for homeowners.
Senate President John Cullerton tells WGN-TV the state is nearly $15 billion in debt, and paying down those bills is not only fiscally responsible, it will put money back into the economy.
State Senator James Meeks (D) Chicago, says he his happy that property tax relief and more funding for schools are also part of the tax plan.
Other article:
...
Under the proposal, the state’s 3 percent personal income-tax rate would rise to 5.25 percent for four years, then fall to 3.75 percent. All told, that's a 75 percent increase. The rate businesses pay would temporarily jump from 4.8 percent to 8.4 percent, and smokers will pay another $1 in taxes on a pack of cigarettes.
...
Under the proposal, the state’s 3 percent personal income-tax rate would rise to 5.25 percent for four years, then fall to 3.75 percent. All told, that's a 75 percent increase. The rate businesses pay would temporarily jump from 4.8 percent to 8.4 percent, and smokers will pay another $1 in taxes on a pack of cigarettes.
...
<-- chuckles at "temporary"
Comment