Illinois Tax Increase 66% Hike
Illinois Gov. Pat Quinn defended a massive increase in state income taxes passed by lawmakers Wednesday and promised to rapidly indicator the measure to assist heal the state’s ailing finances.
Lawmakers worked overnight to pass the increase to raise the personal income tax rate from 3 % to 5 % for 4 a long time – a 66 % increase. Corporate income taxes also will rise, but Quinn rejected the notion that it would decimate companies.
The rate increase may be the biggest any state has adopted in percentage terms while grappling with latest financial woes. Nonetheless, Illinois’ tax rate would continue being reduced than in various other states in the region.
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