By: Mark Glennon*
Hat tip to the Chicago Tribune’s Kristen McQueary for putting this on Twitter. Read this and guess where it’s from:
Hours after Illinois lawmakers chose a major tax rate increase to ease this state’s desperate budget crisis, questions lingered…. Would new income and corporate tax rates stunt the growth of businesses and jobs here and, in turn, slow the already stalled revenue picture that has struck so many states? Would the state’s tax package, which is expected to raise about $6.8 billion annually, be enough to solve the state’s crisis, which includes a vastly underfinanced pension plan?
It’s from the New York Times in 2011 about Illinois. The answers even then were obvious.
*Mark Glennon is founder of Wirepoints. Opinions expressed are his own.