The Cost of the Democrats’ 67% State Income Tax Hike Equals the Savings from the Federal Payroll Tax Cut
As I focused on the front page of Saturday’s Chicago Sun-Times, I saw something other than what I suspect the editors wanted me to see.
“$80 a month”
“What tax cut extension means to you”
Four twenty dollar bills, the top one not well enough printed to pass at the local store.
But, wait, I thought.
The continuation of the two percentage point tax cut is exactly the same amount as the cost for the two percentage point income state tax enacted by Springfield Democrats.
Almost as much of a Quincidence as Governor Pat Quinn’s appointing still another state legislator who promised not to vote for an income tax hike, but did so after losing the 2010 general election.
The Federal action, I would observe, means Illinois taxpayers will not feel the pinch of the 67% state income tax hike until after the 2012 elections.