Is Illinois’ 67 percent personal tax increase as outrageous as Gov. Scott Walker proclaims? No. It’s still lower than Wisconsin’s!!!
It’s funny how that point has been lost in all the stories I’ve read in the paper over the last few days. I got the impression that the 67 percent personal tax increase would devastate taxpayers in Illinois.
Guess I was wrong. Check out the not so incredible facts:
jsonline: Gov. Scott Walker is trying to use a massive new tax increase in Illinois - and his own pledge to enact a fistful of tax cuts - to woo companies from the Land of Lincoln to Wisconsin.
1. After Illinois legislators approved a 67% increase in the personal income tax rate early Wednesday …
2. Wisconsin's corporate tax rate is 7.9% and its income tax rates vary from 4.6% to 7.75%, depending on the taxpayer's income.
3. The legislation waiting to be signed by Illinois Gov. Pat Quinn, a Democrat, would raise the state's corporate tax rate to 7% from 4.8% and raise the state's income tax to 5% from 3%.
Walker acknowledged tax rates will remain lower in Illinois than in Wisconsin even after the increase is approved. But he promised he would lower Wisconsin's income and corporate tax rates before his term ends in 2015, though he stopped short of saying he would seek to set them below the rates in Illinois.Remember that our state Republican legislators are extreme right wing ideologues, who's economic sensibilities are guided by taking a no tax pledge to a conservative blog and an out of state think tank, and who see nothing wrong with balancing a $3 billion deficit with tax and spending cuts.
Here's MSNBC's Sam Seder with more details: