Sunday, January 09, 2011

Illinois Proposing Massive Tax Increase

Yes!  Do IT!

Gov. Pat Quinn and his fellow top Democrats are pushing a huge income tax hike largely because the state’s budget hole is enormous.

Set aside the sticker shock, though, and the lingering question that arises is whether this plan will finally fix Illinois’ chronic money problems, taking Illinois from nationally renowned deadbeat to satisfactorily solvent.

Don’t count on it.

For four years, the state might approach something like a truly balanced budget for the first time in a long time. Come year five, however, a large part of the tax increase is supposed to expire.

“If you don’t control spending, then after four years, there’s no question you’ll have a big deficit,” said Dan Long, executive director of the bipartisan Commission on Government Forecasting and Accountability.

That’s a big “if” in Springfield, given that many lawmakers at times appear allergic to financial restraint. Lawmakers have advanced a measure to limit spending on most programs. Perhaps it’s telling that legislators think they need a law to hold spending down.

(5) Comments
Posted by Owen at 1008 hrs
Politics + Politics - General

  1. Yeah right. Tac increases expire? Never going to happen. The governement likes our money too much.

    Posted by .(JavaScript must be enabled to view this email address) on January 09, 2011 at 1141 hrs


  2. And this tax hike proposal has been endorsed by a Republican Governor:

    Daniels: Illinois tax hikes good for Indiana

    I think Scott Walker should get on board too.

    Posted by .(JavaScript must be enabled to view this email address) on January 09, 2011 at 1351 hrs


  3. I think the people runnig the tollway system there are trying to singlehandedly close that deficit on their own.  God that state is a corrupt dump!

    Posted by .(JavaScript must be enabled to view this email address) on January 09, 2011 at 1426 hrs


  4. I think Scott Walker should get on board too.

    Pretty sure every state bordering Illinois will benefit.

    Posted by .(JavaScript must be enabled to view this email address) on January 09, 2011 at 1432 hrs


  5. “1.Yeah right. Tac increases expire? Never going to happen. The governement likes our money too much. “

    watch this space, some revelations coming our way.

    Posted by Manchester home learning on January 09, 2011 at 1526 hrs


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