Illinois lawmakers pass permanent income tax hike, override Rauner’s veto

This 32 percent tax rate hike will NOT balance the Illinois budget.  Bet on it.   Illinois is heading the way of Detroit. RM

Despite a 32 percent income tax hike, the budget package is devoid of any structural spending reforms to slow growth in the cost of government: It lacks comprehensive property tax reform, major pension reform, collective bargaining reform, reforms to Medicaid and more.  Moody’s Investors Service has indicated that even with the budget deal, Illinois is likely to become the nation’s first junk-rated state.

Source: Illinois lawmakers pass permanent income tax hike, override Rauner’s veto

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