Senate Democrats in Illinois, with a final vote of 32-26, have just passed a new budget proposal that includes a massive personal and corporate income tax hike and an expansion of the state’s sales tax, after saying they are no longer willing to wait for a broader deal with Republicans.
As the Chicago Tribune noted earlier this morning, the Democrats’ budget proposal includes a ~33% hike in both the the personal and corporate income tax rates and an expansion of the state’s share of sales tax revenue. In all, the package would cost Illinois taxpayers an incremental $5 billion.
Democrats spent the weekend tweaking the spending plan, and unveiled an updated proposal late Monday. It calls for spending $37.3 billion after raising about $5 billion through the tax hikes; a floor vote is expected Tuesday, said Sen. Heather Steans, a Chicago Democrat and key budget negotiator.
This post was published at Zero Hedge on May 23, 2017.
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