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Two budget deficits, two different paths

Post by Cheryl Tucker on Jan. 12, 2011 at 5:15 pm |
January 12, 2011 5:15 pm

Here in Washington, legislators and the governor are looking at a $4.6 billion budget deficit. Higher user fees and drastic cuts in state government are likely part of the solution.

The state of Illinois, facing a $15 billion budget deficit, is taking a much different path to solving its financial woes: It’s capping state spending growth at 2 percent and raising income taxes on individuals and businesses. The Democrat-controlled General Assembly quickly passed the tax increases before the new assembly – which is slightly less Democratic – was sworn in at noon today.

Personal income taxes will increase 66 percent, from 3 percent to 5 percent. Corporate rates will rise from 4.8 percent to 7 percent

How’s that corporate HQ move to Illinois looking now, Boeing?

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