In Illinois, More of the Same, Taxes

Raising taxes hasn’t worked yet in Illinois. Governor Bruce Rauner has vetoed a bill to raise income taxes in Illinois. The tax increase is an attempt of legislators to stave off a junk credit rating for the state. The state Senate has already voted to override the veto, and today the Illinois House of Representatives will try to do the same. Despite having some of the highest income taxes in the country already, Illinois politicians seem certain they’ll be able to get the state’s finances under control if they can steal just a little bit more of the people’s hard earned money. In the video below, Dan Mitchell, a senior fellow at the Cato Institute, explains what will happen to Illinois after the tax increase.

Daniel J. Mitchell discusses the Illinois budget crisis on FBN’s Mornings with Maria