Most of us, who have an ounce of economic sense, know that the more money you give government, the more they will spend. Illinois is a prime example to use when arguing with a left-wing loon about increased tax revenue being the answer to government that spends more than it takes in.
Illinois, controlled by Democrats for decades, raised taxes by 67%. What happened? The budget deficit increased.
SPRINGFIELD, Ill. (CBS) — 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.
But 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.