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Friday, January 7, 2011

With a new business tax rate of 8.4%, get ready for MORE JOBS TO MOVE OUT OF ILLINOIS

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People of America, stay out of Illinois. Not only are Illinois politicians corrupt, they are insane. Taxing businesses at 8.4% is pure idiocy. Their promise of the personal income tax rate dropping from 5.25% back to 3.75% after four years is PURE BULLSHIT! Once they get it on the books, you will NEVER see them give it up.

Source for the following is CLOUT STREET.

“Quinn and Democratic leaders are scrambling to approve the tax hike before a new crop of lawmakers are sworn in next week, when it will be more difficult to get support. The plan still faces several hurdles, and leaders and staff are expected to work through the weekend to hammer out details and build support.”

“Under the proposal, the state’s 3 percent personal income-tax rate would rise to 5.25 percent for four years, then fall to 3.75 percent. All told, that's a 75 percent increase. The rate businesses pay would temporarily jump from 4.8 percent to 8.4 percent, and smokers will pay another $1 in taxes on a pack of cigarettes.”

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2 comments:

Ruth said...

NY state's been doing this to its citizens for a while now. And they keep wondering where the jobs (and the rich, who can afford to just pick up and move) are going.....

James A. Zachary Jr. said...

I hear ya, Ruth. It is crazy bad...