Yesterday, lawmakers in two large Midwest statehouses – Ohio & Illinois – advanced tax increases by overriding their Republican governors, John Kasich (R-Ohio) and Bruce Rauner (R-Ill.). Bruce Rauner’s veto, the Illinois House of Representatives gave final approval to a 32% personal income tax hike, along with a 33% corporate income tax increase. Illinois’ new personal income tax rate will rise from 3.75 to 4.95%, while the corporate rate will increase from 5.25 to 7%. Madigan refused to budge, insisting on permanent income tax rate increases, no meaningful entitlement reforms, and no structural spending reforms. One of those states is North Carolina, where just last week state lawmakers enacted personal and corporate income tax rate reductions.

Source: Forbes July 07, 2017 14:48 UTC