Illinois Drowing in Debt Pours on Taxes to Save Itself

Congratulation Illinois. Over-spending and poor budget management has necessitated your statist masters to implement a massive tax increase on your ass. I'd be moving. If things are this dour then at some point the whole thing is going to collapse. I would bet that many people and companies will be leaving this year for less intrusive government. But hey, the liberals are getting exactly what they love: High taxes for everybody! And watch as the productive people get the hell out. Interestingly the tax rate is still lower than neighbors in Wisconsin and Iowa. Crazy times.

Democratic Illinois lawmakers beat a looming deadline and approved a 66 percent income-tax increase in a desperate bid to end the state's crippling budget crisis.

Legislative leaders rushed early Wednesday to pass the politically risky plan before a new General Assembly was sworn in at noon, taking a slice out of the Democratic majority and removing lame-duck lawmakers willing to support the tax before leaving office.

The rate increase might be the biggest any state has adopted in percentage terms while grappling with recent economic woes. Nevertheless, Illinois' tax rate would remain lower than in several other states in the region.