Illinoisans should prepare for higher taxes. President Barack Obama’s re-election means new taxes under ObamaCare and the likely expiration of the Bush tax cuts.
If the year-end tax hikes kick in, Illinoisans would see their taxes increase by $3,452 per tax return. The total tax increase for Illinois would equal nearly $23 billion in 2013. That’s more than the state collected in personal and corporate income taxes combined last year.
For Illinois, the tax increases don’t end there. There’s a discussion brewing in Springfield about making the temporary tax hike of 2011 permanent. That tax hike alone cost the average Illinois family $1,500 a year.
On top of that, Gov. Pat Quinn is pushing for another multibillion tax hike in Illinois – a progressive income tax.
New taxes under President Obama coupled with ever-increasing taxes under Quinn are a severe threat to Illinois’ fiscal future. Something both politicians fail to understand is that Illinoisans are tapped out, and there’s no room in the family budget for more tax hikes.