Taxinois: Illinois To Raise Personal Tax Rate To 4.95% From 3.75% (Corporate From 5.25% To 7%)

In the emergency session, (Illinois Republican Governor) Rauner has agreed to hike the personal income tax rate to 4.95% from the current 3.75%. The corporate income tax rate will rise to 7% from the current 5.25% rate.

According to Mike Shedlock’s MishTalk site,┬áIllinois Taxoholics Wear Down Rauner: Massive Tax Hikes In the Works.

Rather than pare-back spending, Democrats have pushed for more and more taxes. Primarily to pay public school teachers and their pensions.

Illinois is third behind Kentucky and New Jersey in public pension underfunding.

Perhaps Illinois needs more Snake Juice!

 

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