Making Work Pay
Is a tax bill that is 33 percent higher than usual inconsequential?
We’ve told you how Governor Quinn’s 33 percent income tax increase proposal would add $500 to the tax bill of an Illinoisan with $50,000 in taxable income (on top of the $1,500 he or she is already paying in state income taxes).
Not everyone thinks an extra $500 in state income taxes is consequential. They’re entitled to their opinion.
But I wonder if these same folks found President Obama’s “Making Work Pay” tax credit inconsequential. As the Wall Street Journal pointed out in an editorial on a pending Arizona sales tax hike:
The average Arizona family will pay $400 a year more if the sales tax increase prevails, which is a lot when you consider that President Obama’s “making work pay” tax credit is limited to $400 for individuals.
Governor Quinn can help make work pay for Illinoisans by allowing them to keep what they’ve earned.