After the state legislature passed a bill putting forth a risky move to fix the Illinois state deficit to increase income taxes by 66 percent, Governor Pat Quinn could sign this into law later today or Thursday.
It is a huge risk as it will make living in the Land of Lincoln even worse if this passes. I’ll give you a quick breakdown:
The current Illinois state income tax bracket is 6% – 18%.
If signed into law, that income tax bracket will be 72% – 84%.
The U.S. government needs their 18% to 33%.
That doesn’t even include your Social Security and Medicare taxes.
Do the math – you’re pretty much doing your job for free from now on if this is signed into law!
I don’t think you’d want to work your job FOR FREE, would you?
And what’s even worse, is if you’re an affiliate marketer or an affiliate through the Amazon Associated program, things become worse for you. (Amazon.com made this statement regarding the issue last week with a warning that Illinois-based Associates could be terminated if this bill is passed into law.)
So if this is signed into law, I would suggest you take the first train, car or bus out of state, because living in Illinois is about to get worse.
Welcome to HELLinois!
- What The Hell Is Going On Here? Amazon.com Could Cut Ties With Illinois-Based Amazon Associates (wwpmmedianet.wordpress.com)
- Illinois House Passes Tax Increase (online.wsj.com)
- Illinois Lawmakers Boost Income Tax 67 Percent to Help Fill Gap – BusinessWeek (news.google.com)
- ‘Do Or Die’ For Massive Illinois Tax Hike (huffingtonpost.com)