The Land of Lincoln needs to end the phony math and restructure its debts and pensions. But legislative incompetence will keep the state in a death spiral.
More than a dozen Republicans joined House Democrats in passing a budget that includes a massive tax hike and no structural spending reforms. Gov. Bruce Rauner said he would veto the plan.
House Floor Amendment No. 2 to Senate Bill 9 would permanently increase the individual income tax rate to 4.95 percent and the corporate income tax rate to 7 percent, but would not expand the state sales tax to services.
Much like other plans in the General Assembly before it, the House Democrats’ budget plan does nothing to structurally reform state government and bring down costs, but instead increases the burden on Illinois taxpayers.
Polling shows that Illinoisans are overwhelmingly opposed to an income tax hike, and Illinois’ poor economic growth combined with wealth out-migration mean billions in tax hikes will only inflict further damage on a struggling state.
A new poll shows Gov. Bruce Rauner’s political base opposes the tax hike budget proposal the governor has supported. And Illinoisans who favor the tax hike budget proposal do not support Rauner.