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January 12, 2011

Illinois Democrats Engage In Liberals Other Favorite Hobby: Raising Taxes

Sure, demonizing Sarah Palin and conservatives in general is fun but it's just a means to an end...increased Democrat control of government and society. And what do Democrats do when they are in charge? Raise taxes! A lot.

Democratic Illinois lawmakers beat a looming deadline and approved a 66 percent income-tax increase in a desperate bid to end the state's crippling budget crisis.

Legislative leaders rushed early Wednesday to pass the politically risky plan before a new General Assembly was sworn in at noon, taking a slice out of the Democratic majority and removing lame-duck lawmakers willing to support the tax before leaving office.

The rate increase might be the biggest any state has adopted in percentage terms while grappling with recent economic woes. Nevertheless, Illinois' tax rate would remain lower than in several other states in the region.

The increase now goes to Democratic Gov. Pat Quinn, who supports the plan to temporarily raise the personal tax rate to 5 percent, a two-thirds increase from the current 3 percent rate. Corporate taxes also would climb as part of the effort to close a budget hole that could hit $15 billion this year.

...Quinn's office said the higher taxes will generate about $6.8 billion a year — a major increase by any measure.

It will be coupled with strict 2 percent limits on spending growth.

So taxes go through the roof but there'll be a "strict" (sound serious!) limit in NEW spending? How about, I don't know...CUTTING spending?

Oh and Illinois Democrats? Yeah, don't count all that new money just rolling in. Behold what Oregon's massive tax increase did for the state's coffers.

In 2009 the state legislature raised the tax rate to 10.8% on joint-filer income of between $250,000 and $500,000, and to 11% on income above $500,000. Only New York City’s rate is higher. Oregon’s liberal voters ratified the tax increase on individuals and another on businesses in January of this year, no doubt feeling good about their “shared sacrifice.”

Congratulations. Instead of $180 million collected last year from the new tax, the state received $130 million. The Eugene Register-Guard newspaper reports that after the tax was raised “income tax and other revenue collections began plunging so steeply that any gains from the two measures seemed trivial.”

One reason revenues are so low is that about one-quarter of the rich tax filers seem to have gone missing. The state expected 38,000 Oregonians to pay the higher tax, but only 28,000 did.

In soon to be related news...Illinois' neighbors in Wisconsin (led by a new Republican Governor) is cutting taxes and is "Open for Business".


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posted by DrewM. at 12:44 PM

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