Illinois lawmakers have been making new adjustments in Jan. to income taxes, which were at 3 percent, to 5 percent for four years – a 66 percent increase.
“The increase means an Illinois resident who now owes $1,000 in state income taxes will pay $1,666 at the new rate. After four years, the rate drops to 3.75 percent and that same taxpayer will then owe $1,250,” according to The Huffington Post.
Although this law will have Illinois citizens putting more of their money into the state, Illinois Governor Pat Quinn praises the law.
“Our state was careening towards bankruptcy and fiscal insolvency,” Quinn told reporters, after indicating that he intended to sign the tax increase.
This increase also effects the students here at Harper College. Having the income tax increased anyone who is working and making an income is going to be effected by this change. Many of the responses from Harper students were very negative.
“Why should I have to pay more of my money to the state when it is our state government’s fault for Illinois debt. I don’t think it is fair at all,” stated a student in Building A.
As many of the Harper College students may know, through the radio and commercials on television, this has given other states, mainly Wisconsin, the opportunity to publicize their state to Illinois citizens.
“Quoting an old tourism slogan from that state — “Escape to Wisconsin” — Walker urged businesses to consider moving to his state, where, he said, they would be quite welcome,” reported New York Times.
According to the Illinois State Government web-page, “The due date for filing your Form IL-1040 and paying any tax you owe is extended to April 18, 2011. We follow the Internal Revenue Service and will extend the due date because of the Emancipation Day holiday being observed on April 15, 2011, in the District of Columbia.”
The page clearly does not go into details about the increase or how this increase over four years the amount will increase to 66 percent. This increase will affect everyone in Illinois and it will also affect Harper College students who are employed.