The awful truth from the Illinois Policy Institute:
Two years ago, the average family started forking over an additional $1,500 from their annual pay due to higher taxes.
Illinois lawmakers passed a record 67 percent individual income tax hike on Jan. 11, 2011. The tax hike raked in $6.4 billion in new money in 2012. That’s billions taken from the pockets of taxpayers to pad state coffers. Where did all the money go?
The state promised it would pay down its billions in unpaid bills and restore Illinois’ finances.
But the money didn’t pay down any bills. In fact, the state’s unpaid bills now total more than $9 billion.
And hiking taxes certainly didn’t repair Illinois’ sorry financial situation.
So where did your money go? The tax hike went to pensions. Eighty cents of every tax hike dollar went to pay government worker pensions in 2012.