This morning, the Chicago Tribune is awash in coverage of the state's financial morass which is supposedly going to be addressed by a 75% tax increase -- but that increase will not be permanent, so the Dems say. Well, even if you believe the intention today is to make this a temporary budget fix (ha ha), the Trib points out that without serious spending reforms and more accountability in state government, nothing will be fixed:
For four years, the state might approach something like a truly balanced budget for the first time in a long time. Come year five, however, a large part of the tax increase is supposed to expire.
"If you don't control spending, then after four years, there's no question you'll have a big deficit," said Dan Long, executive director of the bipartisan Commission on Government Forecasting and Accountability.
Thus, in four years, when the 'temporary' tax hike is due to expire, whaddya think is going to happen? Even the citizens of Illinois, many of whom were bilked into voting for the Dems, can't possibly be this foolish, can they?
The Trib also points out that the cut in federal taxes that everyone was looking forward to (unlike many deductions, the reduction in the Social Security payroll tax was not limited by income) is probably going to get swallowed up by the increase in state taxes. Swell.
Senator Mark Kirk stated:
"I am concerned that just as President Obama and congressional Republicans protected Americans from a huge tax increase, Gov. (Pat) Quinn and the Illinois Democratic leadership will impose new taxes in the teeth of the Great Recession. While citizens of well-run states like Indiana and Wisconsin will see their total tax bills go down, the unfortunate citizens of Illinois will see their taxes go up."
As one wise commentor quoted in the print edition of the Tribune today said,
"Once taxes go up, they don't ever go back."