After years of reckless spending, the state of Illinois is passing on their $13 billion budget deficit to the taxpayer. The Illinois House, in the final hours of a lame duck session, passed a whopping 66 percent income-tax increase on Illinoisans. In the land where they once called Rod Blagojevich “Governor,” and “Chicago-style politics” has become a pejorative, Illinois is the poster child of failed state and local government. Current Illinois Governor Pat Quinn said the tax increase would “jumpstart Illinois’ economy.” If you are a business thinking of relocating to Illinois, you must be having second thoughts today because the corporate tax rate just jumped from 4.8 % to 7% overnight.
What is playing out in states like Illinois is a precursor to what may happen on a national level. The Obama Administration must work with the newly-elected Republican House to get our fiscal house…Read More