Interesting but sad reading from a recent Associated Press reporthe article reported that the state of Illinois has now reached the desperation phase of its economic malaise:- The state has not paid several of its bills for months due to shortfall of state government revenue and that situation is not about to change any time soon, according to the article.- This the state legislature approved an increase of 66% in its personal state income tax rateccording to the article, the 66% increase is likely the biggest state increase in taxes in the country to handle a budget shortfallrovisions to raise other taxes to pay back long overdue vendor bills was not approved.- The increase in personal income tax will only raise $6 billion vs budget gap of $15 billion.- It also approved an increase in the state corporate income tax, up almost a whopping 50%.- The legislation included a 2% cap on annual increases in state government spending except for next year when state spending will b ... [Read More - Buy Wow]
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