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Illinois' Unpaid Bill Crisis Worse - despite raising taxes 67% |
2012-01-19 |
Illinois keeps falling farther behind on its debt. As WBBM Newsradio's Regine Schlesinger reports, officially, the state has a backlog of more than $4.25 billion in unpaid bills. Illinois State Comptroller Judy Baar Topinka says when one factors in other bills, the figure is closer to around $8.5 billion. Those other outstanding bills include tax refunds, employee health insurance, and bills that have not yet reached her desk. Topinka says this is extremely disappointing, since a year ago, the state sharply increased income taxes (by 67 percent) and corporate taxes. "After the largest tax hike in our history, the state continues to be in this precarious fiscal position with persistent payment delays, and frankly, the situation is unlikely to significantly improve in the near term," she said. Some state officials say the solution is more borrowing to pay the bills, but Topinka says the solution is to cut spending. Say it with me boys and girls, "Higher taxes does not mean more revenue." Also let this be a lesson, liberals can take all the money they want, but it will never be enough to pay for their dreams. |
Posted by:DarthVader |
#8 Illinois Rules of Financial Management (Don't try this at home) 1) Your money is my money, my money is my money 2) We can't be broke, we stil have checks 3) When we are out we are in and when we are in we are in 4) We don't want somebody nobody sent |
Posted by: Bigfoot Jeter8554 2012-01-19 17:50 |
#7 AND OUR GUY IS RUNNING THE NATIONS'S ECONOMY! BWA-HA-HA-HA! If the MSM had the courage to cross the Cumberland Gap and talk to the natives we would be heading for a second McCain Term |
Posted by: Bigfoot Jeter8554 2012-01-19 17:46 |
#6 What do you expect them to do, cut spending? /sarc |
Posted by: Ebbang Uluque6305 2012-01-19 17:35 |
#5 Of course, those are 2 of the taxes with the most harm to the economy. Why don't they raise sales taxes too, and just stall the whole state? |
Posted by: Bright Pebbles 2012-01-19 16:54 |
#4 Pulling back on the stick to get out of a low speed stall ain't gonna work. |
Posted by: Bright Pebbles 2012-01-19 16:53 |
#3 You thinking of moving yet, Dr. White? |
Posted by: Mullah Richard 2012-01-19 16:51 |
#2 |
Posted by: badanov 2012-01-19 16:46 |
#1 Part of the problem is this: the new tax increase was not used to pay bills. It was used instead as collateral to borrow more money, which was done, for the various state pension funds and for more general spending. The money is gone, the spending is there and we're more in hock then ever. Illinois is boned. |
Posted by: Steve White 2012-01-19 16:36 |