Illinois, which is in its worst financial position ever, will raise the income-tax rate in January to address its deficit, Governor Pat Quinn’s budget director said.
Lawmakers will likely increase the personal tax to 5 percent from 3 percent, generating $6 billion of new revenue, the budget director, David Vaught, said in an interview.
This will probably be billed as a two-percent increase. It isn’t.
Perhaps they can blame this on Deficit Inattention Disorder:
The legislature failed to address the deficit this year because of the pending November election, [Vaught] said.
Obviously they have their priorities in order.
(Via E. M. Zanotti.)