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, Illinois 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.
Perhaps Illinois needs more Snake Juice!