I have a piece up this morning on the Illinois tax follies that has some strange but true vignettes from Springfield’s lame duck session last week that passed a gargantuan personal and business tax increase.
One note on Illinois’ fiscal woes: there are merchants and contractors who haven’t been paid for going on two years:
The individual income tax rate soared from 3% to 5% — a 67% increase, while the business tax rate climbed from 4.8% to a whopping 7%. This is supposed to raise $6.8 billion over the next year to help bring down an expected $15 billion deficit. A separate measure to allow the state to borrow another $8 billion to pay bills that were due in 2009 and early 2010 was defeated. In short, if you supplied the state with Christmas decorations in 2009, you will probably still be waiting for your check after Santa Claus is dead and buried.
Expect Governor Pat “Four-County” Quinn to show up in Washington soon with his hand out.