* From the Senate Republicans…
Here’s some food for thought. Remember that payroll tax cut that Congress granted everyone two years ago and now is expiring?
If you don’t remember the bonus, that’s because here in Illinois workers never saw the money. Governor Quinn and his fellow Democrats immediately took it away from taxpayers by raising state income taxes by an equal amount.
Now, as part of the “Fiscal Cliff” compromise, payroll taxes will return to the previous rates. But, will Quinn give back the tax hike? Not likely, since the state continues to spend more than it takes in, even after the 67% state income tax hike.
Set aside for a moment the debate over whether the tax hike will be allowed to expire.
In the near term, the SGOPs are right that the two percentage point payroll tax holiday meant that Illinoisans didn’t really feel the two-point state income tax hike. But now they will.