State Senator Dan Duffy, who spoke forcefully against the Democrats 67% income tax hike bill, has issued the following statement in which he asks people to email House Speaker Mike Madigan and Senate President John Cullerton.
The statement follows:
“In what unfortunately has become ‘typical Illinois politics’ – the Speaker of the House, Mike Madigan, has rammed through the largest tax increase in Illinois history during the final hours of a lame duck session.
“Governor Quinn quickly signed the bill into law.
“Senate Bill 2505 raises the personal income tax rate 67%, from 3 percent to 5 percent.
“The corporate income tax will also go up 45%, from 4.8 percent to 7 percent – giving Illinois the third highest corporate income tax in the nation.
“This is the nuclear bomb of jobs bills,” warned Sen. Dan Duffy, R-Barrington, while debating the bill on the senate floor during the early morning hours.
“If you vote for this bill you are responsible for devastating the state of Illinois.
”I have fought against this bill every step of the way.
“Instead of a tax increase, we must cut wasteful spending, eliminate useless government programs that do not work, freeze all government new spending, reform Medicaid and reform Pension.
“That is the solution.
“At a time when most families and small businesses are CUTTING their budgets and expenses, this 7 billion dollar tax increase locks in spending growth of $5.6 Billion dollars over the next 4 years – a 17 % INCREASE in spending.
“This legislation allows for a 10% increase in spending next year alone – even during a recession.
“At this spending rate the state of Illinois is projected to be right back to an 18 Billion dollar deficit by fiscal year 2016.
“However in 2016 how many companies will there be in Illinois to pay for another tax increase?
Surrounding states are offering incentives to attract Illinois companies.
“The state of Wisconsin has the most publicized offer – No corporate income tax for 2 years for any Illinois company that moves to Wisconsin.
“Please contact our state leaders;
and tell them how you feel about this new tax increase.”