Democratic lawmakers voted 71-42 to override Republican Gov. Bruce Rauner's veto of a $5 billion tax hike on Thursday.For comparison, the top income tax rate in Minnesota is nearly double that of Illinois. For purposes of illustration:
Illinois has been in a budgetary showdown to address a $6.2 billion deficit, as well as nearly $15 billion in unpaid bills and hundreds of billions of dollars in unfunded retirement benefits for state workers.
Rauner had pushed lawmakers to close the deficit by reforming workers compensation and consolidating local governments, while also capping local property taxes. Democrats, who control the state Senate and House of Representatives, along with 16 Republican state representatives, rejected those measures and instead approved hiking income taxes from 3.75 percent to 4.95 percent and corporate taxes from 5.25 percent to 7 percent on Sunday night. Rauner vetoed the bill on Tuesday.
|Lock the front door, oh boy|
I'll be watching how this one plays out.