Tribune’s Clout Street is reporting on the massive tax hikes that are going to hit Illinois if Democrats get their way. And they will.
The maneuvering suggested lawmakers could vote today on the proposal for a two-year increase in the personal income tax to 4.5 percent from the current level of 3 percent. The tax hike would begin this July 1 and end June 30, 2011.
Businesses also would see their tax rates rise 50 percent, hitting 7.2 percent instead of the current 4.8 percent. [READ MORE]
Refresher course…Businesses don’t pay taxes, they collect them from their customers and give the money to the government. BOTH of those tax hikes come straight out of the pockets of each and every citizen.
Illinoisans should read the government’s attempt to hide that fact, a sign of how stupid they think voters are.
This would be the perfect time for Illinois’ neighbors to cut their taxes and spark a brain drain in the land of Lincoln.