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In Illinois, More of the Same, Taxes

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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

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.