Citizens Of Illinois Get Slapped With Staggering 33% Income Tax Hike To Fill Deficit

pat quinn illinois

Say a prayer for the citizens of Illinois this evening.

Chicago Tribune:

Gov. Pat Quinn today called for a 33 per cent increase in the state income tax rate to raise money for education and ease deep cuts he’s proposed in his new budget plan.

In his short budget speech to the House and Senate, Quinn argued that an income tax “surcharge” would be enough to restore Illinois’ education budget to current levels and allow the state to get caught up on some of the millions owed to public schools, community colleges and four-year universities.

Quinn wants to increase the personal income tax rate from 3 per cent to 4 per cent — a 33 per cent increase — with the corporate tax rate rising from 4.8 per cent to 5.8 per cent. The tax hike would bring in $2.8 billion a year.

Now don’t miss: 10 debt-laden states quickly becoming the next California >

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at