Indiana Governor Mitch Daniels: Illinois Tax Hike Good News For Indiana BusinessUpdated: 01-11-11 10:19 AM
As Illinois lawmakers prepare to pass a massive state income tax hike, Indiana Governor Mitch Daniels says his state will welcome business owners who aren't too keen on the 67 to 75 percent tax hike.
"We already had an edge on Illinois in terms of the cost of doing business, and this is going to make it significantly wider," Daniels, a Republican, told the Herald-Review on Monday.
As soon as Tuesday, Illinois lawmakers are hoping to pass legislation that would boost the personal income tax rate temporarily by up to 75 percent, pushing the current rate of 3 percent as high as 5.25 percent. Monday night, lawmakers told WBEZ the increase would now be about 67 percent, since they could not find the support needed for the bigger increase.
In sheer percentage terms, the Illinois proposal could be the biggest tax increase on the long list of increases states have passed as they grappled with recent economic woes. Also, according to the The Tax Foundation, a nonpartisan tax research group in Washington, the hike would force Illinois businesses to pay the highest combined national-local corporate tax rate in the industrialized world.
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