As the state of Illinois edges near becoming the first U.S. state to ever be rated junk bond status, the Democrat-controlled legislature of the bankrupt state of Illinois has just voted to slam its citizens with a hefty 32 percent hike in state income taxes.
After a series of delays, as a legislature obviously embarrassed by its own actions dithered, the State House finally approved of the Senate’s override of the governor’s veto with a 71-42 vote, burdening the state with a massive income tax hike. It was a vote that saw ten of the state’s Republican contingent abandon Republican values and join the Democrats in approval.
Thursday’s vote permanently increases the state’s personal income tax rate from 3.75 percent to 4.95 percent. It also raises the burden on businesses, raising the rate from 5.9 percent to seven. It all amounts to a 32 percent hike for the average Illinoisan and a $5 billion tax hike overall.
The new tax hike is all the more galling because Illinois already has the highest property taxes in the nation, a fact that often forces retirees out of their homes to flee to other states. This is also a situation not lost on the state’s black American population, either. Illinois is witnessing a growing number of its African-American citizens moving out of the state, with Chicago and Cook County residents leaving at the fastest rate.
On Thursday, Illinois Democratic House leader Michael Madigan only needed three Republicans to jump ship and vote his way, but not only did he get a whopping ten to do so, he also got five others who didn’t even bother to vote. An additional five joined him in the early rounds of deliberations, so Democrat Madigan knew he had the Republican votes going into the matter.