Daily Archives: January 11, 2011

Tax Hike Passes By One Vote: Illinois is Nation’s Worst Credit Risk by Gregory Hilton

Illinois is the worst credit risk in the nation because for years its lawmakers have refused to adequately address its budget gap.


The Illinois legislature voted last night to increase the state personal income taxes by 67 percent and business taxes by 46 percent. Illinois now has the highest effective corporate tax rate in the industrialized world, and prior to the vote Illinois ranked 48th in job creation. All Democrats voted yes, and all Republicans in both the House and Senate voted no. The Senate passed the measure at 1:30 am by a 30 to 29 vote margin. Continue reading