Friday, January 7, 2011

Illinois lawmakers proposing to raise income tax by 75%!

The governor and the leaders of both houses of the general assembly have agreed to a tax hike for four years. The increase is from 3% to 5.25%.

What is going to happen when the mass exodus begins? California is experiencing that now. Businesses are leaving in droves, and taking their jobs with them.

While the Illinois tax is on personal income and not yet a full on assault on business, you can bet that when employees begin to leave, business will follow.

When the tax base leaves, what then? Will they increase the taxes even more on those who remain?

Once again, when you refuse to live within your means, somebody has to pay. Unfortunantly, it's usually the tax payers.

Look for a government bailout for illinois in the near future, or an attempt at it anyway...