Monday, November 23, 2020

Tag: Governor Vows Veto

Illinois House Approves Historic 32{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} Tax Increase, Governor Vows Veto

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from ZeroHedge:
With Illinois, which on Saturday morning entered its third fiscal year without a budget, facing a catastrophic downgrade, late on Sunday evening the Illinois House approved the most controversial element of a budget package, a tax hike which will increase the income tax rate by 32{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} from 3.75{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} to 4.95{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}, and the corporate income tax rate from 5.25{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} to 7{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}, to try and end a historic budget impasse. The bill passed 72-45. The House also approved a $36 billion spending plan minutes later on a 81-34 vote. According to the Sun Times, it cleared an initial hurdle on Friday with 23 Republicans voting “yes.”

“While no one could say this was an easy decision, it was the right decision,” House Speaker Mike Madigan said after the spending bill vote. “There is more work to be done.” Dems said they would work with Republicans on other resolution of other issues on table.