Illinois keeping higher income taxes; our neighbors lowering theirs

“Stateline,” a daily newsletter of the Pew Charitable Trust reports, “States Pursue Tax Cuts as Recovery Takes Hold.”

Of course not in Illinois where Gov. Pat Quinn wants to makes permanent his temporary, huge income tax increase and House Speaker Mike Madigan and his henchmen are pushing to impose a surcharge on millionaires. As for our immediate neighbors, Stateline reports:

Indiana Gov. Mike Pence, a Republican, has also been battling local governments over cutting taxes. Pence signed a bill this week that reduces the corporate income tax from 6.5 percent to 4.9 percent in steps by 2021. He signed the bill despite opposition from local governments, which get $1 billion annually in corporate tax revenue.

Pence said the law “does not unduly burden our local governments. It gives our local governments the ability to make decisions for themselves about what would enhance their ability to attract investment.”

Republican Gov. Scott Walker of Wisconsin also inked a tax cut bill this week that will give state residents an average income tax cut of $46 each in April 2015, and homeowners an average cut of $131 each on December 2014 property tax bills, according to the legislature’s nonpartisan budget office.

Here’s a good backgrounder from the National Conference of State Legislatures on the various fiscal problems that state’s are facing.

What was America’s greatest come-from-behind war? Go here to find out.

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  • The Wisconsin income tax rate is far higher than that in Illinois--up to 7.6%, with a couple earning $30,000 per year paying 6.27%. Even after the "huge income tax increase" in Illinois, the individual rate is still only 5%

  • Then there's the higher corporate tax rate. The point is that Illinois is going one way, many of the rest are going the other.

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