Massive Tax Hikes for Chicago and Illinois

While many states consider boosting their economies with tax cuts, Illinois officials are betting on the opposite tactic: dramatically raising taxes to resolve a budget crisis that threatened to cripple state government.

Neighboring states gleefully plotted Wednesday to take advantage of what they consider a major economic blunder and lure business away from Illinois.

“It’s like living next door to `The Simpsons’ — you know, the dysfunctional family down the block,” Indiana Gov. Mitch Daniels said in an interview on Chicago’s WLS-AM .

So, they did it.  Facing a massive budget deficit created by a generation of irresponsible spending, union kickbacks, and unfunded pension giveaways, the State Assembly this week did exactly what we allowed them to do with our votes in November – shift the burden onto us.

What will the massive tax hikes, 67% on personal income taxes, over 40% on business taxes and a doubling of the cigarette tax, do to make Illinois a more attractive place to do business?  It will protect some jobs – jobs doled out by the political machine.  But these are not the jobs that will make us competitive in the new century .


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