Illinois is on the Brink of Bankruptcy


The complete collapse of Illinois is now imminent.
Thanks to Democrats peddling their socialist principals all across the state, Illinois is now on the brink of bankruptcy.
From Infowars
Late Thursday night, the Illinois Democrat-controlled House overrodeby a 71-42 vote Republican Governor Bruce Rauner’s veto to pass a massive tax hike that includes a $5 billion income tax increase for the residents of the state.
Rauner had begged the General Assembly to sustain his vetoes of a $36 billion spending plan financed with a $5 billion income tax increase, arguing the 32 percent income tax increase amounted to “a 2-by-4 smacked across the foreheads of the people of Illinois.”
During the era of the last Illinois tax hike, from 2011 through 2014, the three major credit rating agencies have downgraded Illinois’ credit rating five times, with Moody’s announcingon Wednesday that simply passing a budget would not be enough to avoid Moody’s Investors Service from downgrading Illinois’ credit rating to “junk” status.
Illinois currently faces a $203 billion unfunded liability for state and local pensions that include fire and police pensions, plus over $6 billion in unpaid state debts.
Tax increases in the past have not worked, as evidenced by the $31.6 billion increase in tax revenue to Illinois from 2011-2014 resulting from the 2011 income tax increase resulted not in a reduction of Illinois’ pension debt, but in a $25 billion increase in the state’s unfunded pension liability.

Share on Google Plus

About Secret News

0 comentarios:

Publicar un comentario