The Illinois legislature voted yesterday to address their state's fiscal crisis by significantly raising income tax rates on individuals and businesses:
...to avert the state’s “fiscal emergency,” which includes a budget deficit of more than $13 billion, about $8 billion in unpaid bills to social service agencies, pharmacies and others, and a sinking bond rating. ..
Under the legislation, the income tax rate would temporarily rise to 5 percent from its current rate of 3 percent, and the rate for corporate taxes would rise to 7 percent from its current 4.8 percent. As part of the deal, the state’s spending growth would be limited from one year to the next over the next four years — a provision Republicans complained did not cut spending enough...
As it was, the measure barely made it, passing 60 to 57 in the House and 30 to 29 in the Senate.
No Republicans voted for it.
The embedded graphic shows Illinois' rates compared to neighboring states (
source).
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