Illinois legislators approved a 66 percent tax hike early Wednesday morning. Illinois currently faces a budget deficit of at least $15 billion and owes some $8 billion in unpaid bills. Many states are suffering from financial woes, but Illinois may literally have run out of options.
File:Illinois Locator Map.PNGWhen the tax increase takes effect, income tax would raise to 5 percent from its current rate of 3 percent. Corporate tax would increase to 7 percent from its current rate of 4.8 percent. In addition, the state's spending would be limited over the next four years.US News Paper
Illinois Legislators Approve 66 Percent Tax Hike
