Heads up if you Live in Illinois: ILLINOIS SENATE DEMOCRATS PASS $5.4 BILLION DOLLAR TAX INCREASE.






ILLINOIS SENATE DEMOCRATS PASS $5.4 BILLION DOLLAR TAX INCREASE. 

SB 9 does the following:

Hikes personal and corporate income taxes by $5 billion. The personal income tax rate increases to 4.95 percent from the current 3.75 percent rate. The corporate income tax rate rises to 7 percent from 5.25 percent.


Expands the sales tax to laundry and dry-cleaning services, as well as storage and other services to bring in $55 million.


Raises $54 million in cable and satellite TV taxes.


Closes corporate loopholes worth $125 million.


The total $5.4 billion tax hike means each Illinois household will eventually have to pay $1,125 in additional taxes annually.