* Gov. Rauner loves the Wall St. Journal editorial page. That edit board is full of his class of like-minded folks. Back in the day, he would often send around clips from editorials to his pals with his own approving commentary.
I’m not sure he’ll be doing that today, however…
The Illinois Capitulation - Gov. Bruce Rauner cries uncle on taxes and economic reform
Bruce Rauner spent a chunk of his personal fortune running for Governor in 2014 to save Illinois from its tax-and-spend political class. More than two years later it looks like the former private equity star has made better investments.
On Tuesday evening the Governor with the worst job in America explained why he and his fellow Republicans have offered to raise taxes for the sake of ending a multiyear budget impasse with Democrats. He said he’ll accept a four-year increase in the flat state income tax to 4.95% from the current 3.75%, expand the sales tax and implement a cable and satellite TV tax.
This is a political defeat by any definition since Mr. Rauner campaigned on lowering the income tax to 3%, not on restoring the rate close to what it was under the last Democratic Governor. The “temporary” 5% rate partially sunset in December 2014. Democrats who run the legislature refused to negotiate over a budget unless Mr. Rauner agreed to a tax increase, and now they’re refusing to make notable spending or economic reforms in return. […]
The Governor’s capitulation may have been triggered by the latest downgrade by Moody’s and Standard & Poor’s in the state bond rating to near junk status, with a warning that another downgrade could come this summer. Mr. Rauner doesn’t want to run for re-election next year as Governor Junk.
They do make a good point about how he campaigned on lowering the rate to 3 percent by the end of his first term. He took his eye off that ball almost right away, however, and chose to fight a long, protracted war instead.
…Adding… Just as an aside, this could sting even more because the WSJ’s editorial page editor is Paul Gigot, who attended Dartmouth with Rauner.
…Adding More… The WSJ and Joe Walsh on the same day?…
*** UPDATE *** Somebody (not me) bought up the GovernorJunk.com website domain name and auto-forwarded it right back to this very post. Click here to see for yourself.