Illinois is suffering an economic collapse due to the burdening cost of bloated government. In their third year without a budget, instead of cutting down on government intervention, the house politicians insisted on raising taxes.
Many in the Land of Lincoln bailed on the state when the property taxes were increased, and this is likely to drive out even more producers. Late on Sunday evening, the Illinois House approved the most controversial element of a budget package. They approved a tax hike which will increase the state income tax rate by 32% from 3.75% to 4.95%, and the corporate income tax rate from 5.25% to 7%, to try and end a historic budget impasse. The bill passed 72-45. The House also approved a $36 billion spending plan minutes later with an 81-34 vote. According to the Sun Times, it cleared an initial hurdle on Friday with 23 Republicans voting “yes.”
Proving that people don’t enjoy their hard-earned money being stolen from them, Illinois residents fled the state, taking their money with them not long after the state jacked up the property tax rate. The governor is vowing to veto this newly approved income tax hike, though, as Illinois is already one of the most taxed states. But the veto would more than likely be overridden.
“I will veto Mike Madigan’s permanent 32% tax hike. Illinois families don’t deserve to have more of the hard-earned money taken from them when the legislature has done little to restore confidence in government or grow jobs,” Bruce Rauner, the governor said. “Illinois families deserve more jobs, property tax relief and term limits. But tonight they got more of the same.” He also said in an emailed statement that “if the legislature is willing to pass the largest tax hike in state history with no reforms, then we must engage citizens and redouble our efforts to change the state.”
David Harris was among the Republicans who supported the bill, while also urging the governor to sign the revenue and spending bills if passed. He said, “Have the courage to do what is right and bring this madness to an end.” Although the idea to increase taxes isn’t new, it will result in even fewer residents for the state to tax.
To put the tax increase into perspective for the lingering government worshipers still reading, The Organic Prepper said:
So, it will fall to the taxpayers to foot the bill. No surprises there.
In fact, the Illinois House of Representatives just voted to raise taxes by an astonishing 32% in the largest tax increase in history. –Organic Prepper
Ultimately, Illinois faces a lose-lose situation. It will get junked and see its funding costs soar, or save its lowest possible investment grade rating, and watch as what is already the worst metropolitan exodus (recently the population of Chicago shrank the most of any US city), go into overdrive as tens of thousands more scramble to escape the state’s soaring tax rates to avoid even more theft.
Nothing will save Illinois at this point. An economic collapse is imminent and brought on by years of government stranglehold on the state’s economy and those who produce in it. Instead of giving residents back their freedom that was stolen by corrupt politicians, Illinois will seek to tighten the noose on those unwilling to flee the oppression of the surging tidal wave of government induced economic disaster.
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Contributed by Dawn Luger of The Daily Sheeple.