Original Blog Entry: Illinois Lawmakers Approve 66% Tax Hike

time*treat — Thu, 13 Jan 2011 08:10:59 GMT

January 12, 2011

SPRINGFIELD, Ill. (CBS) By a single vote, Illinois lawmakers approved a 66 percent increase to the personal income tax overnight, and soon, your paycheck will be shrinking.

But as CBS 2 Chief Correspondent Jay Levine reports, Democratic state lawmakers have said the tax hike is necessary to get the state s outstanding bills paid. Lawmakers also say cuts and spending limits will be part of the plan.

The hike increases the state s personal income tax rate from 3 percent to 5 percent.

In real numbers, if your gross income is $50,000 a year, your state income taxes will rise from $1,500 to $2,500 a year.

http://chicago.cbslocal.com/2011/01/12/illinois-lawmakers-approve-66-tax-hike/

I'd imagine that this may provide a boost to Indiana real-estate values.

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