Illinois Personal Income Tax Rising By ~1/3rd Over Governor's Objections

Following a vote by the Illinois House of Representatives, both houses of the Illinois State Legislature have overridden a Gubernatorial veto and raised the Illinois personal income tax rate to 4.95 percent from 3.75 percent. Accompanying the tax increase was a budget for Illinois government with enough spending to ensure the failed state continues to dig it's hole deeper.

This move comes to late to satisfy former trade partners of Illinois who had given the failed state an ultimatum to pass any budget at all. It also not only fails to address any of the structural concerns incidental to failure which deterred potential creditors in the market for Illinois government debt, it accelerates Illinois trajectory to ruin by leaving pension obligations unfunded and outstanding bills unpaid.

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