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DEMOCRAT LEGISLATORS PASS MASSIVE INCOME TAX HIKE

The Senate worked late into the final night of the 96th General Assembly January 11 as Democrat legislators pushed through the massive 67 percent income tax hike they needed to pass before the new 97th General Assembly convened on January 12.

My Senate Republican colleagues and I stood in strong opposition to the measure, cautioning that the recently signed law would have a devastating impact on the state’s struggling economy and only worsen Illinois’ anti-business climate.

Governor Pat Quinn approved the tax hike (Senate Bill 2505) on January 13, officially increasing Illinois’ personal income tax rate from 3 percent to 5 percent. The corporate tax rate will increase from 4.8 percent to 7 percent, a 46 percent increase. When added to an existing 2.5 percent income tax on business, the total tax on the state’s employers will be 9.5 percent.

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