Illinois Governor Pat Quinn and his disciples at the State House need more money. There's a bill that will increase Illinois State Income Tax by 75%!
This means that if you now pay $1,000 you will pay $1,750. The proposed bill says that this will happen for four years. After that, the increase would equate to $1,250.
Here's what tax (any kind of tax) does. It takes money out of the economy. This additional $750 will not be spent at my neighbor's hardware store. It will not go into my retirement savings plan.
The price of stuff will go up so the tax can be paid.
This will also lower my property value. Who wants to buy a house in Illinois and pay higher income tax, when you can buy a house, 10 miles to the east, and live in Indiana and pay less in Income Tax?
If I can figure this stuff out, why can't they, in Springfield?
By the way, Florida & Texas have no state income taxes. Both are doing better than Illinois.
I'm one step closer to quitting my job and buying that Hot Dog Wagon...audit me...I dare you!
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