Illinois House Passes Massive Tax Increase

January 11, 2011

A major increase in state income taxes has squeaked through the Illinois House as lawmakers search for a way to solve a historic budget crisis.

The tax would set the personal tax rate at 5 percent, up from 3 percent now. That would be a 67 percent increase. Corporate taxes would climb, too.

Gov. Pat Quinn's office says the tax increase would generate about $6.8 billion a year.

The increase passed 60-57. It now goes to the state Senate, which could still vote Tuesday night.

Story source: AP

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