Democrat Tax Hike 1 Year Anniversary
Lake Forest, IL – Exactly one year ago today, the General Assembly passed the largest income tax increase in Illinois history. The tax increase raised the personal income tax rate from 3% to 5%, representing a 67% increase in the tax rate.
Citing declining revenue coupled with a $13 billion budget shortfall, the Democrat leadership in the General Assembly passed this monumental tax increase. The tax increase also raised the corporate tax rate, which has led to businesses leaving the state.
“When I ran two years ago, I clearly stated my staunch opposition to any tax increase, and had I been in Springfield, there would have been one less vote for this tax hike,” commented Lauren Turelli who is running in the Republican primary in the 58th State Representative district. “This tax increase means that hard working families are losing, on average, $1,000 per year to help pay for the fiscal mis-management of the Democrat leadership.”
This one-year old tax increase has resulted in almost $5 billion in new revenue for the State. The income tax increase is set to sunset in 2014, however Democrat Governor Pat Quinn has recently announced that the tax increase will need to become permanent to avoid a potential State bankruptcy.
“Ten years of Democrat borrowing, spending, and pet projects has lead our state to the brink of financial insolvency. We cannot keep passing the buck and expecting our families to pay for the Democrats mess,” concluded Turelli.
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Filed in: Press Releases