Lynn Swearingen (c) copyright 2010 ALL RIGHTS RESERVED

Illinois Legislature Votes To Increase Income Tax By 66% : SB 2505

Instead of the proposed 75% Income Tax increase and $1 on a pack of smokes – Illinois Lawmakers have graciously assented to a 66% Tax Increase while allowing the residents of Illinois to keep their “cheap” habit.

“Quinn’s office said the higher taxes will generate about $6.8 billion a year – a major increase by any measure. In percentage terms, 66 percent might be the biggest increase any state has adopted while grappling with recent economic woes.

It will be coupled with strict 2 percent limits on spending growth. If officials spend above those limits, the tax increase will automatically be canceled. The plan’s supporters warned that rising pension and health care costs probably will eat up all the spending allowed by the caps, forcing cuts in other areas of government.” More