Our great state — as state rep Camille Lilly (D.-Oak Park and a string of other towns and neighborhoods as designated by Democrat district-makers) repeatedly referred to it in voter meetings recounted in my Illinois Blues: How the Ruling Party Talks to Voters — faces a huge income tax increase.
The plan [just passed in both houses] is defined by a massive, 32 percent income tax hike on Illinois residents, who are now witnessing the nation’s worst income growth. If signed into law, the House plan will hike the state income tax rate to 4.95 percent from 3.75 percent, and the corporate income tax rate will rise to 7 percent from 5.25 percent.
My debt here (for the “squeezing” adaptation) is to the post-WW2 Great Britain diplomat as regards reparations to be demanded of Germany, which got its revenge 20 years later.
No revenge is likely from Illinois citizens, however, tax-paying or otherwise — especially the otherwise, who will suffer most as the economy craters.