Tuesday, June 27, 2017
The Banana Republic of Illinois
Townhall by Stephen Moore
The media has hyperobsessed over the Kansas tax hike this year and sold it as a repudiation of supply-side economics. But the real story in the states has been the catastrophic effects of tax-and-spend fiscal policy in Illinois.
Last week, Illinois House Speaker Mike Madigan endorsed a $5 billion annual income tax hike. This would be the largest tax increase of any state in years. Republican Gov. Bruce Rauner has blocked new taxes for three years but is now under intense pressure from the Springfield political machine to agree to the revenue heist.
Anyone who thinks this soak-the-rich scheme will solve Illinois' long-term budget crisis should have their head examined. Illinois already ranks in the top three among the 50 states in state-local tax burden, so if raising taxes were any kind of solution here, the Land of Lincoln would be a Garden of Eden.