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Folly in 50 States and the World / Folly in Illinois

URL:  http://boards.fool.com/the-details-arent-out-yet-because-i-think-theyre-29013316.aspx

Subject:  Re: Illinois Insanity Date:  1/8/2011  10:48 AM
Author:  2828 Number:  1025 of 1040

The details aren't out yet because i think they're meeting about it on Sunday, here's what Mitch Daniels had to say:

Gov. Mitch Daniels thinks Illinois’ proposed 75 percent hike in its corporate and personal income tax rates will be great — for Indiana.

In an exclusive interview Friday with The Times, the Republican governor said he looks ...forward to welcoming to the Hoosier State any Illinois business or resident that wants to pay less in taxes.

“We already had an edge on Illinois in terms of the cost of doing business, and this is going to make it significantly wider,” Daniels said.


They didn't do anything to cut spending, all they did was double the taxes, all this will do is make people leave the state and businesses leave the state or go out of business. I wonder how they came up with the revenue projection for the cigarette tax revenue too, everytime a state raises taxes on cigarettes the revenue "windfall" comes in below expectations because they didn't think that some people would quit or some would go across state lines, etc. This is a disaster.
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