Budget and Tax Policy Analyst
Illinoisans should prepare for higher taxes. President Barack Obamaís re-election means new taxes under ObamaCare and the likely expiration of the Bush tax cuts.
Obama is prepared to push Illinois off this fiscal cliff unless Republicans give in to more taxes hikes potentially costing the state $1 billion in federal revenue.
If the year-end tax hikes kick in, Illinoisans would see their taxes increase by $3,452 per tax return. The total tax increase for Illinois would equal nearly $23 billion in 2013. Thatís more than the state collected in personal and corporate income taxes combined last year.
For Illinois, the tax increases donít end there. Thereís a discussion brewing in Springfield about making the temporary tax hike of 2011 permanent. That tax hike alone cost the average Illinois family $1,500 a year.
On top of that, Gov. Pat Quinn is pushing for another multibillion tax hike in Illinois Ė a progressive income tax.† †
New taxes under President Obama coupled with ever-increasing taxes under Quinn are a severe threat to Illinoisí fiscal future. Something both politicians fail to understand is that Illinoisans are tapped out, and thereís no room in the family budget for more tax hikes.