This article expands on the earlier comment I made about Illinois raising their tax rates. Income tax went up from 3% to 5% and the corporate rate rose from 7.3% to 9.5%.
Many governors are criticizing Illinois and saying business should move to their states.
However, this change will most likely not drive business out - some other states listed in the article have been higher rates .
Mostly this article applauds Illinois for finally facing their budget problems and doing something about it - something that many states refuse to do.
However, this will hurt people and businesses in Illinois - my family now lives in IL and they are already stressing about the rate change.
1 comment:
I also live in Illinois, and my family is in the same boat. Illinois is notorious for corruption and a lack of transparency. Therefore, I am still weary that raising taxes is a long-term solution to budget problems for Illinois, and many other states. "Painful cuts" affecting state citizens should be expected during a recession of this magnitude.
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