This could have been Wisconsin! ILLINOIS SENATE DEMOCRATS PASS $5.4B TAX INCREASE

via Illinois Policy

The Illinois Senate passed a series of tax hikes May 23 that will raise more than $5.4 billion in new tax revenue. Senate Bill 9 hikes income taxes, expands sales taxes, and increases franchise taxes.

The tax hikes are part of a record $37 billion budget that the Senate also passed May 23.

The Senate approved the tax hike bill by a 32-26 margin, with no Republicans voting in favor.

SB 9 does the following:

  • Hikes personal and corporate income taxes by $5 billion. The personal income tax rate increases to 4.95 percent from the current 3.75 percent rate. The corporate income tax rate rises to 7 percent from 5.25 percent.
  • Expands the sales tax to laundry and dry-cleaning services, as well as storage and other services to bring in $55 million.
  • Raises $54 million in cable and satellite TV taxes.
  • Closes corporate loopholes worth $125 million.

The total $5.4 billion tax hike means each Illinois household will eventually have to pay $1,125 in additional taxes annually.

Under the Democrats’ plan, new taxes will apply to many services previously untaxed. And because the Senate has failed to pass a property tax reform package, Illinoisans will continue to see their property taxes – the nation’s highest – go up even more.

The complete story here > ILLINOIS SENATE DEMOCRATS PASS $5.4B TAX INCREASE

CHICAGO, IL - MAY 20: Fans stand outside the ballpark as the game between the Chicago Cubs and the Milwaukee Brewers was postponed due to weather on May 20, 2017 at Wrigley Field  in Chicago, Illinois. The game is rescheduled to be played July 6th at 1:20 pm.  (Photo by David Banks/Getty Images)

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