Illinois is one step away from overriding Governor Ruaner’s veto of a 32% increase in their tax rate. Not exactly an ad for businesses to move to Illinois!
Democrats spent the long weekend coaxing Republican legislators to join their suicide pact to raise taxes to plug a $6 billion deficit and pay down a $15 billion backlog of bills. And don’t forget the $130 billion unfunded pension liability—none of which will be solved by the $5 billion tax hike.
(Bloomberg) The Illinois Senate overrode Republican Governor Bruce Rauner’s veto of budget bills approved this week by the Democrat-led legislature, moving the state closer to ending its record budget impasse.
It’s now up to the state’s House of Representatives to hold its own override vote. The chamber plans to do so, but not on Tuesday, Steve Brown, a spokesman for Speaker Michael Madigan, said before Rauner’s veto was announced.
“We passed a bipartisan balanced budget for the first time in a couple of years,’’ Senate President John Cullerton, a Democrat, said on the floor Tuesday. “I’m certainly disappointed that he vetoed a balanced budget, but I’m glad that we were able to override him.’’
It is an odd time for Illinois Democrats to push for MOAR tax dollars to fund government. Particularly when Chicago wage growth is decllining.
And Illinois General Oblgation bond yields are the highest among states. They are over 150 basis points higher than the second highest state, New Jersey.
Declining population and wage growth are just the beginning.
Here is Governor Rauner trying (unsuccessfully) to reign in the crazy government spending in Illlinois.