Sunday, May 31, 2009

Illinois Senate passes "temporary" income tax hike

"Nothing is so permanent as a temporary government program."
Milton Friedman

And Illinois may have a "temporary" income tax hike. Last night the Illinois Senate, with no Republican support, voted to temporarily raise the state income tax by 2 percentage points--a 67 percent jump. The bill states that the corporate sales tax rate will go up by 0.2 percent. And for the first time, services such as dry cleaning and oil changes will be taxed.

The bill now heads to the state House.

What ever "temporary" tax emerges from the General Assembly, Gov. Pat Quinn is expected to sign it.

A few Democrats voted no, and one, following Barack Obama's example, voted present, my state senator, Ira Silverstein of Chicago.

Related posts:

Illinois' tax problem

Chicago has nation's highest gasoline prices

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