Local Republicans here in Illinois have been belaboring the point of how much the recently -voted-on tax increases are going to kill Illinois. It’s a 67% increase!
The points those same Republicans (and the media for that matter) seem to be leaving out of the discussion are:
- The tax increase brings Illinois from one of the lowest income tax rates to about average with the rest of the country.
- Going with #1 Illinois now has about an equal income tax rate to surrounding states.
- The last time there was a tax increase was over 20 years ago.
Nobody wants to have to pay more taxes. I don’t think anyone wants cuts in services like police and fire departments, Dept. of Transportation, etc. The last time I checked money isn’t just falling from the sky and has to come from somewhere. I think the more important point here is will the government watch how much it spends? The bill had limits built in that would trigger a tax decrease if they were exceeded. That is what has me worried more than anything.
In all honesty I think we need to forget about if this is temporary or not. As noted in the Chicago Tribune article linked to above the last tax increase 20 years ago was supposed to be temporary and wasn’t. I would expect the same here.
Take a look here for the income tax rates in the 50 states. Fascinating read if you are interested in facts vs. half-truths.