Moody's warns Illinois raising taxes causes rich to leave

Moody's Investor Services warned Illinois's Democratic governor that his plan to more than double income taxes on the rich could create a bigger state deficit if they leave. Democrat J.B. Pritzker successfully ran for governor of Illinois on a campaign that it was "Not Impossible" for a state with a $7,871,602,484.87 payment backlog to 91,099 vendors and the worst credit rating in the nation to cut taxes while implementing a $15 minimum wage, expanding education and health care, and creating more jobs.  With Illinois already having the second highest effective property tax rate of 2.32 percent and the fifth highest average sales tax of 8.64 percent, Pritzker was expected on February 20 to ask both Democratic-controlled houses of the state Legislature to dump a 3.75 percent flat-rate state income tax for a progressive Fair Tax that would more than double the state income tax rate to 7.65...(Read Full Post)
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