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Illinois Lawmakers Approve 66% Tax Hike

[ Team Obama seen smiling ear to ear… ]

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SPRINGFIELD, Ill. (CBS) – By a single vote, Illinois lawmakers approved a 66 percent increase to the personal income tax overnight, and soon, your paycheck will be shrinking.

But as CBS 2 Chief Correspondent Jay Levine reports, Democratic state lawmakers have said the tax hike is necessary to get the state’s outstanding bills paid. Lawmakers also say cuts and spending limits will be part of the plan.

Around 1 a.m. Wednesday, the Illinois Senate approved the tax hike by a vote of 30 to 29. The Illinois House approved the tax hike on Tuesday evening, by a vote of 60 to 57.

Gov. Pat Quinn still must sign the bill into law, but he has supported a tax hike all along, although this plan is double what he originally said he’d support.

But Quinn agreed to the deal in closed-door meetings with top Democratic lawmakers this week and he was on the Senate floor when the vote was taken.

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