Headline: U.S. Citizens Shocked After Their Bankrupt State Hikes Income Tax 32%

Headline: U.S. Citizens Shocked After Their Bankrupt State Hikes Income Tax 32%

The state of Illinois is heading closer and closer to being the first American state to ever be rated with junk bond status and the Democrats in charge of the legislature just voted for a brand new tax hike, with an extra 32% hike on their state’s income taxes.

On Thursday, ten of the state’s Republicans swung over to join the Democrats to approve the hike, despite the state’s Gov. Bruce Rauner’s original veto of the bill.

The outcome is that personal income tax rates have moved from 3.75% to 4.95%, with business tax rates going from 5.9% to 7%, with the 32% figure built from the average extra cost for the average Illinois citizen.

Trending: The 15 Best Conservative News Sites On The Internet

Overall, the tax hike is projected to bring in $5 billion for the government to spend as they see fit.

As reported in Breitbart:

The task of overriding the veto was put off until Thursday, but even then, the vote was temporarily halted when police put the capitol building into lockdown after discovering a mysterious white powder in the governor’s Capitol office. The shutdown only lasted a short time, and, in due course, the vote was back on.

Finally, by early evening on Thursday, the deed was done, and the tax hike was approved. The state that is losing more citizens to out-migration than any other state, one with the lowest number of new jobs being created, and one losing business in droves just saddled its people with even higher taxes and with no budget reforms made and no cuts in spending implemented to boot.

Citizens already have the highest property taxes in the country and this new bill that demands an extra $5 billion a year does not include any spending cuts or budget fixes.

So, in June, both S&P and Moody’s downgraded Illinois to “near junk” which is the lowest rating currently enjoyed by any American state. Moody’s has already warned that this bill is what will probably give the state her junk bond status as a direct result of what the Democrats are up to.

Margaret M.

Internet Specialist at Warfare Media.

Share this!

Enjoy reading? Share it with your friends!