Thursday, November 26, 2020

Tag: Illinois Taxoholics Wear Down Rauner: Massive Tax Hikes In the Works

Illinois Taxoholics Wear Down Rauner: Massive Tax Hikes In the Works

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by Mish Shedlock, Mish Talk:
Total capitulation by Governor Bruce Rauner is in the works. The taxoholics wore him down.

In the emergency session, Rauner has agreed to hike the personal income tax rate to 4.95{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} from the current 3.75{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}. The corporate income tax rate will rise to 7{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} from the current 5.25{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} rate.

For what? Nothing. Reforms are nonexistent.

Another Deadline Come and Gone

Illinois failed to approve a budget today and thus heads into its third fiscal year without one.