Yikes: Look at Which STATE Will Be the First to File BANKRUPTCY…
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What do cities, states, and nations that have been run by liberals for decades have in common?
Answer: Soaring taxes, extreme costs of living, and a steady pace towards not being able to pay their debts.
Illinois may now become the very first state in history to file for protection in bankruptcy court. The situation is dire.
Along the way Illinois has tried taxing its was to profitability, the most typical response by liberals. Which seems to have done little to save the state from the situation they find themselves in now.
In 2011 they decided to raise the state’s personal income tax by two thirds and increased corporate income taxes to a rate of 30%. Making the state even more business-hostile by having the nation’s fourth highest corporate tax rate.
The results were predictable.
By 2015 many employers left the state and by 2016, for the third straight year in a row, they lost the most resident’s than any other state. The means less tax revenue.
Things are so bad that any company that is contracted through the state will not be able to get paid. Illinois sent letters to each contractor telling them to stop billable work on July 1. Which also means the employees of these companies are out of a paycheck too.
Chicago’s mayor, Rahm Emmanuel, pushed a budget through that would include tax hikes of $1,700 per family. The city is already in disarray and is now completely broke. Not a single one of the city’s leadership stood up in favor of the ‘struggling families’ they are supposedly “fighting for” and approved the tax hike on a 48-0 vote.
America’s most liberal states are having a lot of well-known problems. California’s democrat ran legislature voted to add another 12 cent-per-gal tax, they already have the highest in the nation. Sates with the highest income taxes include California, New Jersey, New York, Oregon, and Hawaii. What else do they all have in common?
An inevitable trip to bankruptcy court.