It’s law — Quinn signs 67 percent tax hike

[WestVirginiaRebel]

Chicago Sun Times:

SPRINGFIELD — Gov. Quinn moved quickly Thursday to sign legislation that raises the state income tax by 67 percent on individuals and 46 percent on businesses.

The governor made his move one day after saying he had no choice but to advocate for a much higher tax hike than he did in his gubernatorial campaign because “our fiscal house was burning.”

Quinn’s move — aimed at helping eradicate a budget deficit forecast to reach as much as $15 billion — was announced by an email from his office. The governor made no public statement on the matter Thursday.

Under the increased rate, which takes effect immediately, the state will claim 5 percent of workers’ paychecks rather than 3 percent. For businesses, the income tax rate will now be assessed at 7 percent rather than 4.8 percent.

Quinn has faced a barrage of criticism about supporting the tax increase given how he advocated for a 1 percentage point hike in the individual rate during the gubernatorial campaign.
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Quinn and the Chicago machine seem bent on destroying what's left of Illinois' economy to line their own pockets. Enjoy your little fifedom while it lasts, guys.