SPRINGFIELD, IL – At the 11th hour of a lame duck session, on a straight party-line vote, legislative Democrats in the General Assembly have passed a job-crushing tax increase that some estimate will cost Illinois 217,000 jobs, according to State Sen. Matt Murphy (R-Palatine).
“The fight to repeal begins tomorrow. Every working Illinoisan will be paying 67 percent higher taxes,” Murphy said. “Illinois’ corporate tax rate will be the fourth highest in the nation. All the while, spending continues to go up.”
In fact, this legislation calls for a 17% increase in spending over the next four years, ignoring substantive spending cut and reform proposals being put forth by legislators, the governor’s own deficit reduction committee, the Senate Deficit Reduction Committee, the Illinois Policy Institute, the Civic Federation, the Chicago Tribune, and others.
The highlights of the tax hike proposal include:
67 percent tax hike on the individual tax rate;
45 percent tax hike on the corporate tax rate;
So-called “spending limits” that provide at least a 17 percent increase in government growth.
“I vow to lead the charge to repeal these job-killing taxes.” Murphy concluded.
Matt Murphy is a Republican Illinois State Senator, representing the 27th district since 2007. The district includes parts of Arlington Heights, Barrington, Buffalo Grove, Inverness, Palatine, Wheeling, Prospect Heights and South Barrington.