The Motley Fool Discussion Boards
Retirement Discussions / Retire Early CampFIRE
|Subject: That Was Quick||Date: 10/13/2012 11:40 AM|
|Author: 2828||Number: 648608 of 757928|
SPRINGFIELD (Oct. 12, 2012) – When Illinois raised taxes by a record 67 percent in January 2011, Gov. Pat Quinn said: "We have some temporary tax increases that are designed to pay our bills, get Illinois back on fiscal sound footing and make sure that our state has a strong economy."
It's been nearly two years since taxes were raised and the tax hike has failed. Illinois still has $8 billion in unpaid bills, Moody’s and S&P have downgraded Illinois' credit rating and the state's unemployment rate is among the worst in the nation. But instead of enacting the reforms Illinois needs, Gov. Quinn and the political allies who helped him land the governorship are gearing up the next massive tax hike: an $8.6 billion progressive tax in 2015.
An economic analysis released today by the Illinois Policy Institute shows how a progressive tax would:
•raise taxes on Illinois' middle class
•force increased taxes on 85 percent of Illinois taxpayers
•hurt Illinois' already crippled economy
•destroy at least 88,000 jobs, and
•decrease Illinois' economic output by a staggering $17 billion to as much as $26 billion
I think you have to be severely mentally ill to vote for democrats.
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|