Here’s Mike Tryon’s take on the 67% income tax increase.

State Rep. Mike Tryon Votes “No” to Income Tax Hike

Mike Tryon

Springfield, IL…..Just hours before lame duck legislators were to leave office, Democrat lawmakers pushed through a historic income tax hike on Illinois working families and small businesses.

House Republicans were unanimous in their opposition to the bill.

Locally, the passage of Senate Bill 2505 means that the average McHenry County household will see their income taxes raise by $1,600 annually.

State Representative Mike Tryon (R-64) opposed the 66% income tax increase, stating families and businesses simply cannot pay more in taxes to bankroll years of irresponsible and unaccountable state spending.

“Just weeks ago, President Obama agreed with Republicans that it is important to allow families to keep more of their money to spend as they see fit,” Tryon said.

“But here in Illinois, Democrats disagree. They just canceled out the federal tax cut for families here.”

The income tax increase passed the House by a vote of 60-57. The tax hike raises the personal income tax rate from 3% to 5% for a period of four years, at which time the rate would drop to 4%.

“This so-called temporary tax increase is anything but temporary,” Tryon said. “Illinoisans know from experience that temporary tax hikes turn into permanent ones here in Illinois.”

The bill also calls for an increase in the corporate income tax rate from 7.3% to 9.5% (includes the 2.5% personal property replacement tax that all businesses pay).

According to Tryon, the increase will significantly handicap efforts to create new jobs and spur the economy.

“Illinois already ranks near the bottom in job creation and competitiveness and this tax hike just cemented Illinois’ reputation as an undesirable place to do business,” Tryon said. “This vote could be a fatal blow to our state’s struggling economy. Its no wonder the Governor of Indiana is salivating over this deal.”

According to Tryon, the solution to Illinois’ financial crisis must begin with significant budget cuts. “Before we ask taxpayers for more money we need to start by putting state government on a diet. Making cuts to state government is never easy, but it must be large part of the equation. We need a comprehensive approach that cuts spending, pays down debt, and begins to get a handle on Illinois’ biggest obligation, its five pension systems.”