Governor Rauner Screws Illinois
mishtalk.com / Mike “Mish” Shedlock / June 21, 2017
Illinois governor Bruce Rauner caved in on tax hikes and got absolutely nothing in return.
A blistering Wall Street Journal editorial, The Illinois Capitulation, has the sorry details.
Bruce Rauner spent a chunk of his personal fortune running for Governor in 2014 to save Illinois from its tax-and-spend political class. More than two years later it looks like the former private equity star has made better investments.
On Tuesday evening the Governor with the worst job in America explained why he and his fellow Republicans have offered to raise taxes for the sake of ending a multiyear budget impasse with Democrats. He said he’ll accept a four-year increase in the flat state income tax to 4.95% from the current 3.75%, expand the sales tax and implement a cable and satellite TV tax.
This is a political defeat by any definition since Mr. Rauner campaigned on lowering the income tax to 3%, not on restoring the rate close to what it was under the last Democratic Governor. The “temporary” 5% rate partially sunset in December 2014. Democrats who run the legislature refused to negotiate over a budget unless Mr. Rauner agreed to a tax increase, and now they’re refusing to make notable spending or economic reforms in return.
The post Governor Rauner Screws Illinois appeared first on Silver For The People.
Source: http://silveristhenew.com/2017/06/21/governor-rauner-screws-illinois/
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