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Two budget deficits, two different paths

Post by Cheryl Tucker on Jan. 12, 2011 at 5:15 pm with 4 Comments »
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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Leave a comment Comments → 4
  1. hortonpeak says:

    Bravo Ms. Tucker.

  2. Yeah, dumb move of Illinois to raise taxes, versus responsibly cutting spending. Here’s hoping we can take a “cut spending” approach to our budget problems. Lets cut all the massive increases Gregoire has made in state government, revamp our state retirement plans to be more consistent with private industry, and cut spending versus increasing taxes.

  3. khaughton says:

    Well done, Ms. Tucker!

  4. steilacoomtaxpayer says:

    Illinois actions are a bellweather for what would happen in Washington if an income tax is passed. Regrettably, I have to hail T Eyman for efforts to stop legislative taxers (not liberals, not conservatives) from placing all of us under increasing burden to a goverment resposive to unions and other non-budget based influence groups. There is always another reason for more taxes. There is a limited budget, forcing choices.

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