Is your state, county or city next?
With President Obama and Congressional Republicans having sealed a deal in December to extend the Bush tax cuts through 2011 and 2012, the tax debate has taken a short Washington hiatus and hit the road.
On Wednesday, Illinois kicked off this national tour with high drama. In a lame duck session vote just hours before a new, less heavily Democratic legislature was to be sworn in, the state’s Senate gave final legislative approval to raising the state’s personal income tax by two thirds, from 3% to 5%, and its corporate income tax rate by 45%, from 4.8% to 7%. The tax package, designed to close half the state’s $13 billion 2011 deficit, also brings back the state’s estate tax with an exemption of just $2 million per person, compared to the new $5 million per person exemption from the federal estate tax. (For other states’ 2011 estate taxes,
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