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Illinois Has Budget, and Big Tax Hike

The Illinois state budget impasse that has lasted for more than two years is over. On a 71-42 bipartisan vote, the Illinois House has voted to override Governor Rauner's veto of the tax portion of the budget. That means a state income tax hike becomes law and the personal tax rate is rising from three-point-75-percent to four-point-95-percent. After that vote, two other override votes were approved, putting both the spending plan and the revenue package in place. The approval comes as Wall Street bond rating houses have threatened to reduce the state's credit rating to junk status. The package approved yesterday does not include any of the pro-business, anti-labor reforms on which Governor Rauner has insisted.

It's going to be tough for ten Republican lawmakers to shake their new name: Madigan Republicans. Within hours of the vote to raise income taxes in Illinois by five billion-dollars, Illinois Republican Party Chairman Tim Schneider said he expected Republican voters to hold the ten Republicans who voted for the tax hike "accountable." Schneider says he is "extremely troubled" that the lawmakers chose Mike Madigan over the taxpayers of Illinois.


Democrats and some Republicans who supported the measure said the state can’t go on without a budget. Opponents of the tax hike and budget said there should have been reforms in place to restore trust from taxpayers skeptical of state government.

 

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