Monday, March 30, 2009
The Taxin' Illini - WSJ.com
Gee. Isn't Barack Obama from Illinois?...
This is part of a Wall Street Journal editorial:
"As if Illinois voters didn't have enough to be angry about, this week their new Governor announced plans to raise state income taxes by 50%. Pat Quinn, the man who replaced Rod Blagojevich, is proposing to raise the personal income tax rate to 4.5% from 3% and the business tax to 7.2% from 4.8%. At least Blago's outrages were entertaining.
Mr. Quinn ran as Mr. Blagojevich's Lieutenant Governor on a platform of no new taxes. But now he defends his huge tax increase by saying this will only hit those who have the 'ability to pay.' Of course, employers and the wealthy also have the ability to leave -- which they have been doing. In the last decade 736,000 more Americans have left Illinois than have entered, according to U.S. Census Bureau data.
Over the last six years, Illinois has ranked 45th out of 50 states in job creation, according to the American Legislative Exchange Council. In 2008, 175,000 jobs vanished -- a medium-sized city of lost jobs. Mr. Quinn's tax increase will mean 50% higher taxes for nearly every small business, subchapter S company and corporation in the state.
This is a state that does almost everything wrong economically."
