From the Wall Street Journal concerning our comrades in Illinois:
Under the current version of the bill, the individual income-tax rate would jump to 5%, from the current 3%, a 67% increase. That is more conservative than last week's proposed 5.25% rate, a 75% increase. Also, the corporate tax rate would increase to 7%, from the current 4.8%.
I have posted comments concerning Illinois' attempts to extort more money from its citizens in the past, including the ludicrous attempt to tax bottled water that failed miserably. Now, in a last ditch effort to chase every bit of wealth and business creators out of the state, they are jacking up income tax rates by 67%! Now this is not the law yet, but its pretty darn close to fruition.
When the trickle of citizens and businesses to low tax and business-friendly states becomes a flood, will they build a wall with gun towers and barbed wire to keep the serfs in the state? That seemed to work in East Germany.
No comments:
Post a Comment