Illinois is suffering an economic collapse due to the burdening cost of bloated government. In their third year without a budget, instead of cutting down on government intervention, the house politicians insisted on raising taxes.
Many in the Land of Lincoln bailed on the state when the property taxes were increased, and this is likely to drive out even more producers. Late on Sunday evening, the Illinois House approved the most controversial element of a budget package. They approved a tax hike which will increase the state income tax rate by 32% from 3.75% to 4.95%, and the corporate income tax rate from 5.25% to 7%, to try and end a historic budget impasse. The bill passed 72-45. The House also approved a $36 billion spending plan minutes later with an 81-34 vote. According to the Sun Times, it cleared an initial hurdle on Friday with 23 Republicans voting ‘yes.’
Proving that people don’t enjoy their hard-earned money being stolen from them, Illinois residents fled the state, taking their money with them not long after the state jacked up the property tax rate. The governor is vowing to veto this newly approved income tax hike, though, as Illinois is already one of the most taxed states. But the veto would more than likely be overridden.
This post was published at The Daily Sheeple on July 3, 2017.
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