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News Link • TAXES: State

Illinois Gov. promises to quickly sign 66% tax hike

• AP
Illinois Gov. Pat Quinn defended a massive increase in state income taxes passed by lawmakers Wednesday and promised to quickly sign the measure to help heal the state's ailing finances.

Lawmakers worked overnight to pass the increase to raise the personal income tax rate from 3 percent to 5 percent for four years - a 66 percent increase. Corporate income taxes also will rise, but Quinn rejected the notion that it would decimate businesses.


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